ZCZC
BCN-02
STOCKS-MARKETS-JAPAN-OPEN
Tokyo stocks open higher on cheaper yen
TOKYO, July 18, 2018 (BSS/AFP) – Tokyo stocks opened higher on Wednesday
helped by a cheaper yen against the dollar, extending Wall Street rallies on
the US Federal Reserve chief’s strong economic outlook.
The benchmark Nikkei 225 index rose 0.95 percent, or 214.84 points, to
22,912.20 in early trade, while the broader Topix index was up 0.89 percent,
or 15.59 points, at 1,760.64.
The dollar changed hands at 112.99 yen in early Asian trade after briefly
rising above 113 yen, up from 112.84 yen in New York and 112.40 yen on
Tuesday.
“Japanese shares are testing the upper limit with a tailwind from a
cheaper yen following Fed chairman (Jerome) Powell’s congressional
testimony,” Yoshihiro Ito, chief strategist at Okasan Online Securities, said
in a commentary.
Upbeat about the US economy, Powell began two days of congressional
testimony on Tuesday by indicating the central bank would continue to raise
rates gradually.
The comments sent the dollar up against its major peers and saw global
stocks rally.
In Tokyo, exporters were higher with Toyota rising 1.55 percent to 7,489
yen, Honda advancing 0.96 percent to 3,355 yen and Panasonic up 1.10 percent
at 1,459 yen.
On Wall Street, the Dow closed up 0.2 percent at 25,119.89.
BSS/AFP/HR/0935