ZCZC
BCN-06
STOCKS-MARKETS-JAPAN-OPEN
Tokyo stocks open higher as yen drops
TOKYO, Oct 4, 2018 (BSS/AFP) – Tokyo stocks opened higher on Thursday with
investor sentiment boosted by a weak yen and a record close on Wall Street.
The benchmark Nikkei 225 turned up 0.51 percent or 123.31 points to
24,234.27 in early trade while the broader Topix was up 0.81 percent or 14.52
points at 1,817.25.
“Following solid US stock prices, buying will likely lead trading on
Thursday,” SBI Securities said in a note.
A trove of strong US economic data on Wednesday elevated the Dow to a
second straight all-time high and lifted 10-year US Treasury yields to a
seven-year peak.
The yen was hovering around multi-month lows against the dollar, with the
greenback buying 114.50 yen against 114.46 yen in New York on Wednesday
afternoon.
“Automakers and other export shares are expected to support the market
thanks to the yen’s drop against the dollar,” SBI said.
Toyota rose 1.95 percent to 7,100 yen and Honda, which announced a tie-up
with General Motors to develop autonomous vehicles, gained 1.52 percent to
3,389 yen.
IT investor SoftBank Group, which is to hold a joint press conference with
Toyota later Thursday on an unspecified subject, rose 2.30 percent to 11,310
yen.
Banks were also up with Mitsubishi UFJ Financial Group soaring 3.03
percent to 723.2 yen.
BSS/AFP/HR/0918