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STOCKS-MARKETS-JAPAN-OPEN
Tokyo stocks open higher with eyes on US Fed meeting
TOKYO, Dec 17, 2018 (BSS/AFP) – Tokyo stocks opened higher on Monday as
investor focus shifted from concerns about the global economy, which had
weighed on Wall Street, to a US Federal Reserve meeting this week.
The benchmark Nikkei 225 index was up 0.18 percent or 39.06 points at
21,413.89 in early trade, while the broader Topix index was up 0.17 percent
or 2.63 points at 1,594.79.
The two-day US Fed meeting that ends on Wednesday is “the most important
event this week” and investors are watching for the pace of rate hikes in
2019, Takashi Hiroki, chief strategist at Monex, said in a commentary.
“Falls in US shares (last week) are said to be caused by weak economic
data in China and Europe, but these are not new factors,” he said, adding
that current market sentiment is vulnerable to “even the slightest worries
given the prevailing uncertainty”.
In Tokyo, SoftBank’s initial public offering on Wednesday will also likely
have an impact on the market, analysts said.
The dollar fetched 113.36 yen in early Asian trade against 113.29 yen in
New York late Friday.
Banks were higher, with Mitsubishi UFJ trading up 0.68 percent to 587.1
yen, Sumitomo Mitsui Financial up 0.53 percent at 3,938 yen and Mizuho
Financial up 0.55 percent at 180.3 percent.
Nissan was down 0.28 percent at 929.8 yen ahead of its board meeting that
is expected to discuss corporate governance and choosing a replacement for
former chairman Carlos Ghosn, after his arrest and dismissal.
Rival Toyota was up 0.21 percent at 6,844 yen and Honda was up 0.42
percent at 3,067 yen.
On Wall Street on Friday, the Dow ended down 1.7 percent at 24,168.96.
BSS/AFP/MR/1205 hrs