TOKYO, May 27 ― Tokyo stocks opened higher today as investors took heart from Wall Street rallies.

The benchmark Nikkei 225 index was up 1.29 per cent, or 343.67 points, at 26,948.51 in early trade, while the broader Topix index was up 1.06 per cent, or 19.95 points, at 1,897.53.

“Japanese shares are starting with gains following US rallies,” which were partly supported by brisk retail sector earnings reports, said senior market analyst Toshiyuki Kanayama of Monex said in a note.

US economic indicators released overnight were not strong, including revised-down first quarter GDP figures and a slide in second-hand home sales in April.

However, “the run of negative US economic news seems to be taking the sting out of fears the Federal Reserve will be forced to hike aggressively”, Stephen Innes, managing partner of SPI Asset Management, said in a commentary.

The dollar fetched ¥127.15 (RM4.39) in early Asian trade, against ¥127.05 in New York late yesterday.

In Tokyo, Daiichi-Sankyo edged up 0.26 per cent to ¥3,471 after it said it will proceed with a phase 3 trial of its Covid vaccine during the first quarter of this fiscal year.

Toshiba was up 0.78 per cent at ¥5,709 after it said it had added two activist investors to its board.

Nissan was up 0.70 per cent at ¥491 while bigger rival Toyota was up 0.84 per cent at ¥2,099.5 and Honda was up 1.34 per cent at ¥3,170.

Airlines were higher after the Japanese government announced a large-scale resumption of inbound tourism. ANA Holdings was up 1.55 per cent at ¥2,589 and Japan Airlines was up 1.68 per cent at ¥2,364. ― AFP