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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.

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markets  |  tokyo stocks  |  currencies


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