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Tokyo stocks open higher on US rallies
TOKYO, March 23, 2021 (BSS/AFP) – Tokyo stocks opened higher on Tuesday with investors taking heart from Wall Street rallies as bond yields pulled back from recent highs.
The benchmark Nikkei 225 index was up 0.71 percent or 206.08 points at 29,380.23 in early trade, while the broader Topix index gained 0.40 percent or 7.97 points to 1,998.15.
US stocks pushed higher as bond yields eased, with the Dow ending up 0.3 percent at 32,731.20 and the tech-rich Nasdaq closing up 1.2 percent.
“Japanese shares are seen gaining, encouraged by rallies in US stocks after bond yields retreated,” Toshiyuki Kanayama, senior market analyst at Monex, said in a note.
The dollar fetched 108.79 yen in early Asian trade, against 108.83 yen in New York late Monday.
Among major shares in Tokyo, Daiichi-Sankyo was up 3.13 percent at 3,331 yen after the pharmaceutical firm said it has launched clinical trials in Japan for the development of a new coronavirus vaccine.
Marubeni slipped 0.45 percent to 947.5 yen after a report said a project to build a hydropower plant in northern Myanmar in which the trading firm is participating was suspended following the coup in the country.
Industrial machinery maker Ebara was up 0.91 percent at 4,440 yen after a report said it will boost production of chip-making equipment to address a global shortage of semiconductors.
Chip-maker Renesas rebounded from a 4.88 percent plunge in the previous session, trading up 2.57 percent at 1,198 yen.
The firm’s president reportedly said Sunday a fire in one of its nine factories in Japan will likely “have a significant impact” on chip supplies.
Honda was down 0.42 percent at 3,331 yen but Toyota was up 0.77 percent at 8,426 yen.
BSS/AFP/AU/08:05 hrs