TOKYO: Tokyo stocks opened lower on Thursday on profit-taking but soon rebounded to positive territory after recent rallies in US and Japanese markets.
The benchmark Nikkei 225 index was up 0.09 percent or 25.55 points at 28,886.17 in early trade, while the broader Topix index was up 0.09 percent or 1.84 points at 2,004.08.
Wall Street rallies for the third straight day are supporting the Japanese market "but a sense of caution over a rapid rebound in prices remains strong" among Tokyo investors, senior strategist Yoshihiro Ito of Okasan Online Securities said in a note.
The dollar fetched 113.72 yen in early Asian trade, against 113.68 yen in New York late Wednesday.
In Tokyo, Toyota was up 0.19 percent at 2,072 yen while Honda was down 0.74 percent at 3,213 yen after a report said the Japanese carmakers are being sued by a US-based patent management company for alleged infringement on patents covering in-vehicle communication technologies.
Construction machine manufacturer Komatsu was down 1.25 percent at 2,755.5 yen after its president reportedly said demand for construction equipment in China may drop 30-40 percent next fiscal year to March 2023.
Comments
Comments are closed.