Tokyo stocks open higher on easing trade war fears

Agence France-Press September 12, 2019

TOKYO: Tokyo stocks opened higher on Thursday extending rallies on Wall Street, as the yen eased further against the dollar and concerns over the US-China trade dispute receded.

The benchmark Nikkei 225 index was up 1.01 percent, or 217.06 points at 21,814.82 in early trade, while the broader Topix index was up 0.76 percent or 12.00 points at 1,595.66.

After US shares rallied, helped by shrinking worries over the US-China trade war, “Japanese shares are in a phase of testing the upside with support from gains in the Dow and a cheaper yen,” Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.

Investor focus however will shift to the European Central Bank meeting and the release of the US consumer price index, due later Thursday, analysts added.

The dollar fetched 107.97 yen in early Asian trade, against 107.83 yen in New York late Wednesday.

Exporters were higher, with Sony up 1.05 percent at 6,519 yen and chip-making equipment manufacturer Tokyo Electron up 2.01 percent at 20.810 yen.

Yahoo Japan was up 2.68 percent at 306 yen after it announced plans to take a majority stake in online retailer ZOZO through a friendly takeover bid.

 

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