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Markets

Tokyo stocks open higher on US rallies

  • Telecoms were also higher, with KDDI rallying 2.31 percent to 3,451 yen and NTT gaining 0.91 percent to 2,813.5 yen.
Published March 10, 2021
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TOKYO: Tokyo stocks opened higher on Wednesday supported by rallies on Wall Street.

The benchmark Nikkei 225 index was up 0.33 percent or 97.13 points at 29,125.07 in early trade, while the broader Topix index gained 0.05 percent or 1.04 points to 1,918.72.

"Japanese shares are rising after gains in US shares with a lull in the rise in US long-term yields," senior analyst Toshiyuki Kanayama of Monex said in a commentary.

On Wall Street, the tech-rich Nasdaq shook off recent weakness and finished up 3.7 percent in its best session since November.

Higher borrowing costs along with high interest rates have had adverse effects especially on high-tech firms.

The Dow ended up 0.1 percent at 31,832.74.

The dollar fetched 108.59 yen in early Asian trade, against 108.50 yen in New York late Tuesday.

In Tokyo, some electronics and IT firms were higher, with Sony trading up 1.53 percent at 10,975 yen and Fujitsu up 2.86 percent at 15,640 yen.

Telecoms were also higher, with KDDI rallying 2.31 percent to 3,451 yen and NTT gaining 0.91 percent to 2,813.5 yen.

Automakers were lower, with Toyota slipping 0.49 percent to 8,149 yen, Honda trading down 1.87 percent at 3,205 yen, and Nissan off 2.37 percent at 600.2 yen.

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