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Tokyo stocks open higher on cheaper yen

Dec 12 2018 08:03

Tokyo - Tokyo stocks opened higher on Wednesday helped by a cheaper yen and a rebound in European bourses after two days of declines amid lingering concerns over trade conflicts.

The benchmark Nikkei 225 index rose 0.87% or 183.06 points to 21 331.08 in early trade while the broader Topix index was up 0.82% or 12.88 points at 1 588.19.

"The Tokyo market is seen rebounding from recent drops thanks to a tailwind from rallies in European bourses and a halt in the appreciation of the yen" against the dollar, Okasan Online Securities said in a commentary.

Concerns over trade conflicts and Brexit as well as technical factors linked to the settlement of futures index trade "may prompt volatile stock movement" on Wednesday, it added.

The dollar fetched at ¥113.35 in early Asian trade, little changed from ¥113.40 in New York but up slightly from ¥113.10 in Tokyo late on Tuesday.

In Tokyo, automakers were higher with Toyota advancing 1.21% to ¥6 827 and Honda up 1.62% at ¥3 070.

Nissan rebounded 1.48% to ¥929.3 in early trade, after tumbling 3.10% on Tuesday and 2.90% on Monday after ousted chairman Carlos Ghosn was charged and faced new allegations of alleged financial misconduct.

Sony jumped 2.68% to ¥5 888 and Panasonic was up 2.95% at ¥1 081.5.

In New York, US stocks were mixed with the Dow closing down 0.2% at 24 370.24 but the tech-rich Nasdaq closing up 0.2%.

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