Tokyo stocks open marginally higher ahead of key data

TOKYO: Tokyo stocks opened modestly higher on Monday in cautious trade after a mixed close on Wall Street, with eyes on key global data and central bank meetings this week. The benchmark Nikkei 225 index was up 0.03 percent or 8.96 points at 29,726.79 in early trade, while the broader Topix index edged up 0.20 percent or 3.84 points to 1,954.90.

"Japanese shares are seen moving in a narrow range following mixed performance in US stocks, with profit-taking weighing" on the market, Toshiyuki Kanayama, senior market analyst at Monex, said in a commentary.

Tapas Strickland, senior analyst at National Australia Bank, said "it is... a big week with the focal points being the trio of central bank meetings, FOMC, BoE and BoJ," referring to the US, British and Japanese central banks.

Investors are also closely watching Chinese retail sales and industrial output due later during Tokyo trade Monday, and US manufacturing data later in the day, analysts said.

The dollar fetched 108.99 yen in early Asian trade, against 109.00 yen in New York late Friday.

In Tokyo, e-commerce giant Rakuten skyrocketed 20.72 percent to a day-time upper limit of 1,503 yen and Japan Post gained 1.95 percent to 1,045.5 yen after the companies confirmed reports that the two firms agreed to form a capital alliance.

Among other major shares, Uniqlo casual wear operator Fast Retailing was up 2.29 percent at 96,870 yen and Toyota was up 1.47 percent at 8265 yen, while Sony was down 0.40 percent at 11,285 yen.

On Wall Street, the Dow ended up 0.9 percent at 32,778.64, the broad-based S&P closed up 0.1 percent while the tech-rich Nasdaq finished down 0.6 percent.