Tokyo stocks open higher as yen eases

AFP – Tokyo stocks opened higher on Monday supported by a cheaper yen as worries over a trade war between the US and China eased.

The benchmark Nikkei 225 index gained 0.12 percent, or 28.37 points, to 22,958.73 in early trade, while the broader Topix index was up 0.01 percent or 0.23 points, at 1,815.48.

"Japanese shares will need more stimulus for the Nikkei index to rise above the 23,000 mark" after trade talks between the US and China moved in a softer direction, Yoshihiro Ito, chief strategist at Okasan Online Securities said in a commentary.

The yen hovering in the upper 110 range against the dollar was supporting the market, he added.

The dollar was quoted at 111.00 yen in early Asian trade, up from 110.68 yen in New York late Friday.

The dollar firmed slightly after the finance ministry said Japan’s overall trade surplus jumped 30 percent while its politically sensitive trade surplus with the US edged up 4.7 percent despite a higher yen.

Toyota was up 0.59 percent at 7,616 yen, Olympus was up 0.12 percent at 3,900 yen and market heavyweight Fast Retailing, the operator of Uniqlo casual clothing, was up 0.14 percent at 48,900 yen.

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