Tokyo Markets Open Higher

Tokyo stocks opened slightly higher on Tuesday led by a weak yen after Wall Street finished lower due to investor caution ahead of key central bank announcements

Tokyo, (UrduPoint / Pakistan Point News - 31st Jan, 2023 ):Tokyo stocks opened slightly higher on Tuesday led by a weak yen after Wall Street finished lower due to investor caution ahead of key central bank announcements.

The benchmark Nikkei 225 index was up 0.06 percent, or 15.78 points, at 27,449.18 in early trade, while the broader Topix index added 0.30 percent, or 5.95 points, to 1,988.35.

The dollar stood at 130.40 yen, against 130.43 yen on Monday in New York.

"Stocks in Japan were seen starting nearly flat due to a mix of negative and positive factors -- Wall Street falls and a weakening yen," Monex senior market analyst Toshiyuki Kanayama said in a note.

On Monday, Wall Street kicked off an eventful week on a downcast note, with investors retreating in anticipation of several major central bank announcements, including a rate decision by the Federal Reserve.

Spanish consumer prices also unexpectedly surged, "a big red flag that the rest of the eurozone might show inflation is already proving to be stickier than what the market was expecting", said Edward Moya, senior market analyst at OANDA.

Among major shares in Tokyo, Nissan jumped 2.35 percent to 464.6 yen a day after the Japanese automaker and its French partner Renault unveiled a deal rebalancing their decades-old alliance.

Renault will reduce its stake from 43.4 percent to 15 percent, the same size as Nissan's stake in its French counterpart, in what the firms said would produce "a balanced governance".

SoftBank Group was down 0.40 percent to 6,139 yen, Sony Group added 1.59 percent to 11,785 yen and Toyota added 0.36 percent to 1,909 yen.

Uniqlo operator Fast Retailing gave up 0.72 percent to 78,160 yen.