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Tokyo stocks open higher on cheaper yen
TOKYO, July 17, 2018 (BSS/AFP) – Tokyo stocks opened slightly higher on
Tuesday as the yen remained cheaper against the dollar, with worries over a
US-China trade war receding.
The benchmark Nikkei 225 index edged up 0.05 percent, or 12.03 points, to
22,609.38 in early trade, while the broader Topix index was up 0.23 percent,
or 3.93 points, at 1,734.00.
“Expectations are that there may be continued calming of US-China trade
friction this week,” Tsuyoshi Nomaguchi, strategist at Daiwa Securities,
said.
With the cheaper yen, the Nikkei this week “may try an upper limit,” he
added.
The Tokyo market was closed on Monday for a national holiday.
The dollar traded at 112.40 yen in early Asian trade Tuesday, up from
112.30 yen in New York late Monday.
Investors are also watching US industrial output due later on Tuesday and
public hearings for US President Donald Trump’s plan to impose punitive
levies on imported cars, Nomaguchi noted.
In Tokyo, some blue-chip exporters were higher, with game giant Nintendo
trading up 2.71 percent at 37,470 yen, Panasonic 1.89 percent higher at
1,454.5 yen and Sony up 0.25 percent at 5,993 yen.
In New York, the Dow Jones Industrial Average finished up 0.2 percent at
25,064.36.
BSS/AFP/MR/ 1108 hrs