Tokyo shares open higher after US gains

TOKYO: Tokyo shares opened higher on Monday after Wall Street rebounded, backed by gains among high-tech stocks.

The benchmark Nikkei 225 index gained 1.23 percent, or 325.72 points, to 26,753.37 at the open, while the broader Topix index rose 1.03 percent, or 19.13 points, to 1,883.33.

Wall Street stocks rallied on Friday, finally managing to score gains at the end of a week beset by worries over inflation, the Ukraine war and the global economic outlook.

The tech-rich Nasdaq Composite Index led the major US indices, jumping 3.8 percent. The Dow Jones Industrial Average climbed 1.5 percent, while the broad-based S&P 500 rose 2.4 percent.

“The Dow rebounded for the first time (after a six-day losing streak) and Nasdaq continued to grow significantly. This will be a tailwind for Japanese stocks,” Okasan Online Securities said.

The dollar fetched 129.48 yen against 129.19 yen in New York on Friday.

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SoftBank Group climbed 1.32 percent to 5,107 yen while Uniqlo operator Fast Retailing jumped 2.44 percent to 60,220 yen.

Chip-making equipment manufacturer Tokyo Electron grew 2.36 percent to 58,340 yen while chip-testing equipment maker Advantest gained 2.10 percent to 8,740 yen.

Sony Group added 1.12 percent to 11,225 yen.