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Tokyo stocks open higher helped by cheaper yen

Jul 13 2018 07:25

Tokyo - Tokyo stocks opened higher on Friday helped by a cheaper yen and rebounds on US markets.

The benchmark Nikkei 225 index gained 0.70%, or 155.39 points, to 22 343.35 in early trade, while the broader Topix index was up 0.56%, or 9.51 points, at 1 719.19.

Japanese shares are advancing "against the backdrop of a calming in the external environment," including rallies on Wall Street, Okasan Online Securities said in a commentary.

"As the yen's depreciation is proceeding, high-tech shares may see (upward) revision" in pricing, it added.

However, analysts noted investors may turn to profit-taking at some point Friday ahead of a three-day weekend, with the Japanese market closed on Monday for a national holiday.

The dollar changed hands at ¥112.68 in Asian trade, up from ¥112.01 in New York late on Thursday.

In Tokyo, blue-chip exporters were higher with Sony gaining 1.48% to ¥5 880, Panasonic up 1.48% at ¥5 880 and Kyocera up 1.41% at ¥6 233.

Fast Retailing, Uniqlo casual wear operator, rallied 4.99% to ¥5 169 after it reported a better-than expected quarterly operating profit of ¥68.4bn ($610 million).

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markets  |  tokyo stocks
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