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Tokyo stocks open higher tracking gains in US shares

Mar 18 2019 09:25

Tokyo stocks opened higher on Monday, tracking gains on Wall Street due to optimism over US-China trade talks, with investors closely eyeing the US Federal Reserve's meeting later this week.

The Nikkei 225 index added 0.65% to 21 590.49 in early trade, while the broader Topix index climbed 0.43% to 1 609.45.

"Japanese shares are seen supported by rallies in the US market," Toshiyuki Kanayama, senior market analyst at Monex, said in a commentary.

But traders may stay on the sidelines as they eye the Fed's two-day policy meeting through on Wednesday, analysts said.

Japanese exports declined for the third straight month, according to government data released 10 minutes before the opening bell.

The continued decline in exports "may prompt concerns that the Japanese economy may be slowing down on the backdrop of the slowing Chinese economy," Daiwa Securities strategist Tsuyoshi Nomaguchi said in a commentary.

The dollar fetched ¥111.53 in early Asian trade, against ¥111.51 in New York on Friday.

In Tokyo, mobile and investment fund SoftBank Group rose 1.98% to ¥11 055, chip-making equipment manufacturer Tokyo Electron rallied 3.25% to ¥15 715, and market heavyweight Fast Retailing was up 0.11% at ¥53 550.

equities  |  markets  |  tokyo stocks


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