Tokyo Stocks Open Higher

Tokyo, (UrduPoint / Pakistan Point News - 17th Jan, 2024) Tokyo stocks opened higher on Wednesday, helped by a cheaper Yen against the dollar.

The benchmark Nikkei 225 index was up 0.85 percent, or 302.43 points, at 35,921.61 in early trade, while the broader Topix index added 0.65 percent, or 16.35 points, to 2,520.33.

"The Japanese market is expected to start with gains thanks to a cheaper yen" against the dollar, senior market analyst Toshiyuki Kanayama of Monex said.

"With a sense of short-term overheating in the market, focus is whether stocks will keep rising," he said, adding that traders were closely watching a set of Chinese indicators including fourth-quarter GDP and industrial output due during trade hours.

The Dollar fetched 147.27 yen in early Asian trade, against 147.18 yen in New York, where it rose from 146.17 yen in Tokyo on Tuesday.

Overnight, Wall Street stocks fell as markets weighed mixed results from large banks while US Treasury yields and the dollar pushed higher.

In Tokyo, shipping firms were higher, with Kawasaki Kisen trading up 5.04 percent at 7,690 yen and Mitsui O.S.K. Lines up 4.06 percent at 5,359 yen, after reports said major Japanese shipping lines suspended navigation through the Red Sea.

Nippon Yusen was up 3.15 percent at 5,201 yen as a company spokesman, contacted by AFP, confirmed the reports.

Sony Group was up 2.47 percent at 14,735 yen. Toyota was up 1.31 percent at 2,892 yen.

Chip-testing equipment maker Advantest was up 3.97 percent at 5,313 yen.

Fast Retailing was up 1.62 percent at 39,630 yen after its fashion brand Uniqlo said it was suing Chinese rival Shein over copycats of a massively popular crossbody pouch.