Tokyo stocks open higher on ECB, US stimulus

TOKYO: Tokyo stocks opened higher on Friday as investors cheered the new $1.9 trillion US economic relief package and the ECB's stimulus bond buying.

The benchmark Nikkei 225 index was up 0.28 percent or 80.53 points at 29,292.17 in early trade, while the broader Topix index advanced 0.08 percent or 1.51 points to 1,926.43.

"Japanese shares are seen supported by US shares" after US President Joe Biden signed the eagerly anticipated economic relief package.

Meanwhile the European Central Bank said after its monetary policy meeting that it would ramp up the pace of its pandemic emergency bond buying, in a clear bid to soothe market jitters about a rise in government borrowing costs and inflation.

The ECB's move, which helped boost European and US bourses, is also supporting the Tokyo market, analysts said.

In Tokyo, some electronics were higher, with Sony trading up 1.04 percent at 11,125 yen, Hitachi up 0.78 percent at 5,269 yen, and motor specialist Nidec up 0.98 percent at 12,825 yen.

The dollar fetched 108.55 yen in early Asian trade, against 108.53 yen in New York late Thursday.

Wall Street stock indices ended at fresh records with the Dow climbing 0.6 percent to 32,485.59, concluding at an all-time high for the second straight day.