Tokyo stocks open higher helped by cheaper yen
TOKYO – Tokyo stocks opened higher on Friday helped by a cheaper yen and rebounds on US markets.
The benchmark Nikkei 225 index gained 0.70 percent, or 155.39 points, to 22,343.35 in early trade, while the broader Topix index was up 0.56 percent, or 9.51 points, at 1,719.19.
Japanese shares are advancing “against the backdrop of a calming in the external environment,” including rallies on Wall Street, Okasan Online Securities said in a commentary.
“As the yen’s depreciation is proceeding, high-tech shares may see (upward) revision” in pricing, it added. However, analysts noted investors may turn to profit-taking at some point Friday ahead of a three-day weekend, with the Japanese market closed on Monday for a national holiday.
The dollar changed hands at 112.68 yen in Asian trade, up from 112.01 yen in New York late Thursday. In Tokyo, blue-chip exporters were higher with Sony gaining 1.48 percent to 5,880 yen, Panasonic up 1.48 percent at 5,880 yen and Kyocera up 1.41 percent at 6,233 yen.
Fast Retailing, Uniqlo casual wear operator, rallied 4.99 percent to 5,169 yen after it reported a better-than expected quarterly operating profit of 68.4 billion yen ($610 million).