ZCZC
BCN-02
STOCKS-JAPAN-OPEN-LEAD
Tokyo stocks open higher helped by cheaper yen (lead)
TOKYO, Feb 5, 2019 (BSS/AFP) – Tokyo stocks opened higher on Tuesday as
investors took heart from a cheaper yen and rallies on Wall Street, while
keeping a close eye on corporate earnings reports.
The benchmark Nikkei 225 index was up 0.37 percent or 76.78 points, at
20,960.55 in early trade, while the broader Topix index rose 0.38 percent, or
5.93 points, to 1,587.26.
The dollar fetched 109.98 yen in early Asian trade, slightly higher than
109.92 yen in New York and 109.74 yen in Tokyo on Monday.
Wall Street stocks rose again on Monday, partly due to reassurances from
the Federal Reserve of a cautious approach to further interest rate hikes,
positive commentary by Beijing and Washington on trade talks and a solid
earnings season.
“Japanese shares are seen rising at the start backed by rallies in US
shares and a cheaper yen,” Toshiyuki Kanayama, senior market analyst at
Monex, said in a commentary.
Traders may get more cautious in the coming hours ahead of US President
Donald Trump’s State of the Union address due on Tuesday, analysts said.
In Tokyo, Toyota edged up 0.25 percent to 6,744 yen ahead of its earnings
report later this week, while small car specialist Suzuki was up 0.75 percent
at 5,757 yen ahead of its earnings later Tuesday.
Mobile phone carrier SoftBank Corp was up 0.59 percent at 1,361 yen ahead
of its earnings report due later Tuesday.
Panasonic was down 6.10 percent at 996.2 yen after a brokerage house
revised down its view of the shares’ value and after the electronics firm
said its nine months to December net profit declined 13 percent year-on-year.
On Wall Street, the Dow ended up 0.7 percent at 25,239.37.
BSS/AFP/MR/ 1126 hrs