Tokyo stocks open higher on cheaper yen

Tokyo: Tokyo stocks opened higher on Thursday, as a cheaper yen helped boost market sentiment with investors pursuing shares in companies expected to report brisk earnings.

The benchmark Nikkei 225 index gained 0.32 percent, or 70.42 points, to 22,285.74 in early trade, while the broader Topix index was up 0.27 percent, or 4.69 points, at 1,772.42.

The dollar fetched 109.32 yen, little changed from 109.36 yen in New York but higher than 109.06 yen in Tokyo late Wednesday.

“Investors are seen eager to buy shares with good earnings reports, with a cheaper yen supporting Japanese shares,” Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.

Some exporters were higher, with Toyota advancing 0.69 percent to 7,217 yen and Honda up 0.31 percent at 3,795 yen.

Sony was up 0.73 percent at 5,450 yen but Sharp was down 2.09 percent at 3,270 yen ahead of its earnings report due later on Thursday.

Sony and Honda are scheduled to report their earnings on Friday, while Toyota is due to report its earnings early next month.

Wall Street stocks finished a volatile session mostly higher Wednesday with the Dow Jones Industrial Average adding 0.3 percent to close at 24,083.83.

AFP