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Markets

Tokyo stocks open higher on dividends-linked buying

  • The dollar fetched 109.64 yen in early Asian trade, against 109.63 yen in New York late Friday.
29 Mar 2021

TOKYO: Tokyo stocks opened higher on Monday, extending rallies on Wall Street as coronavirus vaccines become increasingly available, with buying for dividends also supporting the Japanese market.

The benchmark Nikkei 225 index was up 0.95 percent, or 277.97 points, at 29,454.67 in early trade, while the broader Topix index gained 0.72 percent, or 14.24 points, to 1,998.40.

"Japanese shares are seen starting with gains following rallies on Wall Street" where "investors were encouraged by progress in vaccination," Toshiyuki Kanayama, senior market analyst at Monex, said in a commentary.

"As today is the deadline for rights to receive dividends, the focus will be purchases aimed at dividends and re-investment," he added.

The dollar fetched 109.64 yen in early Asian trade, against 109.63 yen in New York late Friday.

In Tokyo, oil-linked shares were higher on optimism the global economy is on track to recovery, with oil developer Inpex gaining 1.03 percent at 787 yen and oil distributor Idemitsu Kosan up 0.61 percent at 2,970 yen.

Some exporters were higher, with Sony trading up 1.97 percent at 11,660 yen, Toyota up 1.04 percent at 8,446 yen, and Canon up 2.04 percent at 2,526 yen.

On Wall Street, the Dow ended up 1.4 percent at 33,072.88, topping a record set earlier this month.