Loading...

Tokyo stocks open higher, helped by cheaper yen

Jul 12 2018 07:23

Tokyo - Tokyo stocks opened higher on Thursday, partly supported by a cheaper yen against the dollar.

The benchmark Nikkei 225 index advanced 0.40%, or 88 54 points, to 22 020.75 in early trade, while the broader Topix index was up 0.32%, or 5.46 points, at 1 707.34.

The dollar fetched ¥112.06 in early Asian trade, against ¥112.03 in New York and ¥111.05 in Tokyo on Wednesday.

"Japanese shares are seen supported by a cheaper yen against the dollar in early trade despite falls in US shares," Okasan Online Securities said in a commentary.

"However, the upside will be limited with some waiting for China's next move on the US-China trade war," it added.

President Donald Trump's administration late on Tuesday launched the process to impose fresh tariffs on another $200bn in Chinese goods, an escalation only days after tit-for-tat duties on $34bn in goods came into effect.

Beijing vowed to retaliate against the latest move, calling the US action "totally unacceptable."

The development sent the global stocks tumbling on Wednesday, and on Wall Street the Dow dropped 0.9% to close the day at 24 700.45.

In Tokyo, Sony rose 2.10% to ¥5 864 and Panasonic edged up 0.42% to ¥1 404.5.

Market heavyweight Fast Retailing, the operator of Uniqlo casual wear, rose 1.01% to ¥47 900.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

Follow Fin24 on Twitter and Facebook. 24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

markets  |  tokyo stocks  |  currencies
NEXT ON FIN24X

 
 
 
 

Company Snapshot

#SAVINGSMONTH

Five of SA's top financial brains, including SARB governor Lesetja Kganyago share their best savings habits.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Are you prepared for the latest round of Eskom’s load shedding??

Previous results · Suggest a vote

Loading...