Tokyo stocks open higher on cheaper yen

Tokyo, Japan | AFP | Wednesday – Tokyo stocks opened higher on Wednesday helped by a cheaper yen and a rebound in European bourses after two days of declines amid lingering concerns over trade conflicts.

The benchmark Nikkei 225 index rose 0.87 percent or 183.06 points to 21,331.08 in early trade while the broader Topix index was up 0.82 percent or 12.88 points at 1,588.19.

"The Tokyo market is seen rebounding from recent drops thanks to a tailwind from rallies in European bourses and a halt in the appreciation of the yen" against the dollar, Okasan Online Securities said in a commentary.

Concerns over trade conflicts and Brexit as well as technical factors linked to the settlement of futures index trade "may prompt volatile stock movement" on Wednesday, it added.

The dollar fetched at 113.35 yen in early Asian trade, little changed from 113.40 yen in New York but up slightly from 113.10 yen in Tokyo late Tuesday.

In Tokyo, automakers were higher with Toyota advancing 1.21 percent to 6,827 yen and Honda up 1.62 percent at 3,070 yen.

Nissan rebounded 1.48 percent to 929.3 yen in early trade, after tumbling 3.10 percent on Tuesday and 2.90 percent on Monday after ousted chairman Carlos Ghosn was charged and faced new allegations of alleged financial misconduct.

Sony jumped 2.68 percent to 5,888 yen and Panasonic was up 2.95 percent at 1,081.5 yen.

In New York, US stocks were mixed with the Dow closing down 0.2 percent at 24,370.24 but the tech-rich Nasdaq closing up 0.2 percent.





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