Tokyo stocks open higher on relief at US Fed report

Tokyo: Tokyo stocks opened higher on Friday on a report that the US Federal Reserve could soon pause interest rates hikes, news that also boosted US markets.

The benchmark Nikkei 225 index was up 0.73 percent or 156.82 points at 21,658.44 in early trade, while the broader Topix index was up 0.66 percent or 10.62 points at 1,621.22.

“Japanese shares are seen rising after the Dow ended down, but by less than anticipated,” Toshiyuki Kanayama, senior market analyst at Monex, said in a commentary.

In New York, the Dow ended down 0.3 percent at 24,947.67 and the S&P closed down 0.2 percent but the tech-rich Nasdaq ended up 0.4 percent.

The dollar changed hands at 112.71 yen in early Asian trade, against 112.69 yen in New York late Thursday.

In Tokyo, SoftBank was down 0.55 percent at 9,069 yen after the mobile operator faced a glitch with software made by Sweden’s Ericsson, with their customers temporarily unable to use data.

Its rivals were higher, with NTT Docomo up 0.88 percent at 2,522 yen and KDDI up 0.81 percent at 2,649.5 yen.

Nissan was down 0.67 percent at 966.9 yen after a report that Japanese prosecutors will charge the automaker as well as its ex-chairman Carlos Ghosn and his right-hand man Greg Kelly for financial misconduct.

Toyota was up 0.45 percent at 6,907 yen and Honda was up 0.55 percent at 3,095 yen.

Investors shrugged off fresh official data released before the opening bell showing that Japan’s household spending slipped 0.3 percent year-on-year in October.

[source_without_link]AFP[/source_without_link]