Tokyo Shares Open Higher

Tokyo, (UrduPoint / Pakistan Point News - 19th Aug, 2022 ) :Tokyo stocks opened higher Friday as investors searched for new cues ahead of next week's annual meeting of central bankers in Jackson Hole, Wyoming.

The benchmark Nikkei 225 index rose 0.58 percent, or 167.65 points, to 29,109.79 in early trade, while the broader Topix index advanced 0.49 percent, or 9.78 points, to 2,000.28.

The Dollar stood at 136.21 yen, compared with the 135.88 Yen seen Thursday in New York.

Share prices were expected to stay within a narrow range because investors are waiting for fresh news, including from Jackson Hole, before making bets, analysts said.

Slight gains on Wall Street overnight and the stronger dollar also buoyed the market.

But overall, "we are in a period where the market is struggling to sustain a definitive trend," Okasan Online Securities said.

Investors will monitor the annual global central banking conference on August 25-27 for hints about the pace of US interest-rate hikes, as hopes grow that inflation could be peaking.

Investors in Tokyo are digesting the possibility of a shift in US monetary policy after a series of softer economic data releases as well as relatively solid corporate earnings.

But until the Jackson Hole conference, "market players are likely to engage in profit taking or moves to reduce risks," Okasan said.

Sony Group added 1.79 percent to 11,960 yen. Tokyo Electron, which produces tools to build semiconductors, added 1.70 percent to 46,700 yen.

Uniqlo operator Fast Retailing opened higher but quickly tumbled and fell 1.06 percent to 85,710 yen.

SoftBank Group fell 0.67 percent to 5,776 yen, and e-commerce firm Rakuten lost 1.12 percent to 709 yen.