Tokyo stocks open higher as yen remains cheaper

Tokyo stocks open higher as yen remains cheaper

TOKYO: Tokyo stocks opened higher on Tuesday (Sep 11) despite lingering worries about trade issues as the yen lost ground against the dollar, which tends to boost stocks.

The benchmark Nikkei 225 index was up 0.45 per cent or 101.19 points at 22,474.28 in early trade, while the broader Topix index was up 0.19 per cent or 3.29 points at 1,690.90.

The dollar fetched ¥111.17 in early Asian trade, against ¥111.18 in New York and ¥110.95 in Tokyo on Monday.

The upward movement in Japanese shares, helped by a cheaper yen, may be limited given ongoing concerns over trade issues, analysts said.

"With few market-moving events, it would be difficult to buy actively as uncertainty remains over trade talks around the United States," SBI Securities said in a commentary.

US President Donald Trump "has suggested taking a certain retaliatory action if no progress is made in US-Japan negotiations", it noted.

Game giant Nintendo was up 0.85 per cent at ¥38,970 and Sony was 0.96 per cent higher at ¥6,305.

Chip-testing equipment maker Advantest was up 1.71 per cent at ¥2,428, reflecting rallies in US high-tech shares.

On Wall Street, the Dow Jones Industrial Average shed 0.2 per cent to close 25,857.07, while the tech-rich Nasdaq Composite Index advanced 0.3 per cent to 7,924.16.

Source: AFP/na