Tokyo Shares Climb After US Rallies

Tokyo, (UrduPoint / Pakistan Point News - 24th Nov, 2022 ) :Tokyo stocks opened higher Thursday, catching up with gains on Wall Street after a public holiday.

The benchmark Nikkei 225 index advanced 1.02 percent, or 287.48 points, to 28,403.22 in early trade, while the broader Topix index rose 1.12 percent, or 22.42 points, at 2,017.17.

Global investors perked up after Federal Reserve minutes suggested that US monetary policymakers were readying to slow the speed of their rate hikes.

"Investors have welcomed a perceived reduction in uncertainty around the Fed's terminal rate," said Stephen Innes of SPI Asset Management.

"Positive global risk sentiment could easily persist" in the final weeks of 2022, especially if US inflation calms down, he added.

The Tokyo market was closed for a public holiday on Wednesday, so Japanese investors were encouraged to catch up with rises on Wall Street over the past two sessions.

"What is key now is whether investors can continue buying Tokyo shares after early trade, and bring the Nikkei to a higher range," brokerage house Monex said.

The Dollar stood at 139.36 yen, compared with 139.52 Yen seen Wednesday in New York.

Semiconductor-related shares were buoyant. Advantest, which makes testing kits for microchips, jumped 4.0 percent to 9,350 yen, and Tokyo Electron, which makes tools to build semiconductors, rose 3.48 percent to 46,350 yen.

Uniqlo parent company Fast Retailing added 0.52 percent to 81,850 yen. Sony Group rose 1.79 percent to 11,650 yen.

Tokyo-based internet firm Cyberagent, whose streaming service provides free World Cup coverage, leaped 6.36 percent to 1,287 after Japan beat Germany 2-1 in a stunning upset.

Drug maker Shionogi rose 1.56 percent to 7,283 yen after the company said that Japan's health ministry had given emergency approval for its Covid-19 drug.

Toyota started up but soon drifted into negative territory, falling 0.22 percent to 2,045.5.