Tokyo Stocks Edge Up At Open

Tokyo stocks opened slightly higher on Monday after Wall Street finished a positive week on an upbeat note after data showed a further ebbing of US inflation

Tokyo, (UrduPoint / Pakistan Point News - 30th Jan, 2023 ):Tokyo stocks opened slightly higher on Monday after Wall Street finished a positive week on an upbeat note after data showed a further ebbing of US inflation.

The benchmark Nikkei 225 index was up 0.07 percent, or 20.03 points, at 27,402.59 in early trade, while the broader Topix index added 0.03 percent, or 0.68 points, to 1,983.34.

Both indexes hovered around zero in morning trade. But the early rises followed rallies on Wall Street, Monex senior market analyst Toshiyuki Kanayama said.

US stocks advanced Friday, adding to weekly gains after a benchmark of inflation closely watched by the Federal Reserve showed further moderation in December.

Fed policymakers have also hinted that the US central bank will enact a quarter-point interest rate hike next week, smaller than a series of recent increases -- and enough of a shift to raise investors' hopes of a meaningful policy pivot.

The dollar fetched 129.89 yen in early Asian trade, barely changed from 129.80 yen in New York on Friday.

Industrial robot maker Fanuc rallied 4 percent to 23,260 yen after it revised up its full-year sales and profit forecasts.

Toyota was up 0.16 percent at 1,903.5 yen and SoftBank Group was up 0.37 percent at 6,214 yen.

Chip-testing equipment maker Advantest was down 0.42 percent at 9,410 yen while Sony Group slid 0.17 percent to 11,610 yen.

Advertising giant Dentsu was down 2.56 percent at 4,185 yen after a report said it had admitted the possibility of collusion regarding test events for the Tokyo 2020 Olympics.