Tokyo Stocks Open Higher

Tokyo, (UrduPoint / Pakistan Point News - 22nd Dec, 2023) Tokyo stocks opened higher on Friday as investors took heart from Wall Street rallies.

The benchmark Nikkei 225 index was up 0.47 percent, or 156.59 points, at 33,297.06 in early trade, while the broader Topix index added 0.67 percent, or 15.67 points, to 2,341.65.

"The Japanese market is expected to start with gains following rallies in three major US indexes," Daiwa Securities said.

The Dollar fetched 142.00 Yen in early Asian trade, against 142.14 yen on Thursday in New York.

Overnight, Wall Street stocks resumed their upward climb following a brief pullback on profit-taking.

Among major shares in Tokyo, shipping firms kept rising in early trade, with Kawasaki Kisen advancing 1.97 percent to 6,473 yen, and Nippon Yusen trading up 0.97 percent at 4,469 yen.

Nippon Steel was up 0.35 percent at 3,172 yen after the White House said a planned deal that would see US Steel Corp bought by the Japanese steelmaker should be closely investigated by American authorities.

US President Joe Biden "believes the purchase of this iconic American-owned company by a foreign entity -- even one from a close ally -- appears to deserve serious scrutiny in terms of its potential impact on national security and supply chain reliability," National Economic Advisor Lael Brainard said in a statement.

Sumitomo Mitsui Financial Group was up 2.48 percent at 6,820 yen. Astellas Pharma rose 1.15 percent at 1,672.5 yen.

Toyota was down 0.65 percent at 2,521 yen after media reports that its unit Daihatsu will compensate 420 suppliers for lost revenues after it was forced to suspend all shipments of vehicles over safety tests rigging.

Daihatsu's rival Suzuki was up 2.75 percent at 6,058 yen.