TOKYO: Japanese shares opened slightly higher on Tuesday, after US stocks declined for a second day as unrest in Libya drove crude oil prices above $106 a barrel in New York. The Nikkei index of the Tokyo Stock Exchange opened up 0.08 percent, or 8.06 points, at 10,513.08. Analysts said crude oil prices were the key factor to spark a market turnaround, amid concern that the Libyan unrest would spread to other oil-producing countries in the Middle East and North Africa.
"Once oil prices stop rising, the uncertainty on global economic conditions and corporate earnings will subside," Hiroichi Nishi, general manager at Nikko Cordial Securities, told Dow Jones Newswires. The Dow Jones Industrial Average dropped 79.85 points, or 0.66 percent, to finish at 12,090.03 on Monday. The S&P 500 index, a broader measure of the markets, fell 11.02 points, or 0.83 percent, to 1,310.13, while the tech-rich Nasdaq Composite shed 39.04 points, or 1.40 percent, at 2,745.63. The euro eased to $1.3963 in early Asian trade from 1.3971 in New York late on Monday, while it was flat against the Japanese currency at 114.90 yen. The dollar firmed to 82.35 yen, slightly up from 82.25 yen.
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