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Tokyo stocks open higher as yen remains cheaper

Sep 11 2018 07:57

Tokyo - Tokyo stocks opened higher on Tuesday 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% or 101.19 points at 22 474.28 in early trade, while the broader Topix index was up 0.19% 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% at ¥38 970 and Sony was 0.96% higher at ¥6 305.

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

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

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