Tokyo Stocks Open Higher

Tokyo stocks rebounded from sharp losses last week to open higher Monday despite a mixed close on Wall Street where the Nasdaq was hit by fears over upcoming tech earnings

Tokyo, (UrduPoint / Pakistan Point News - 22nd Apr, 2024) Tokyo stocks rebounded from sharp losses last week to open higher Monday despite a mixed close on Wall Street where the Nasdaq was hit by fears over upcoming tech earnings.

The benchmark Nikkei 225 index rose 0.91 percent, or 335.92 points, to 37,404.27 in early trade, while the broader Topix index added 1.41 percent, or 36.97 points, to 2,663.29.

"A key today is whether the market can sustain a natural rebound after the Nikkei dropped substantially last week," brokerage house Monex said.

The headline index plunged more than 1,000 points on Friday, its largest fall in points since February 2021 because of Middle East tensions and downbeat comments from chip giant TSMC.

This week will also feature a series of key indicators and events that may impact the market.

Investors will digest US gross domestic product figures, jobless claims and housing, while the Bank of Japan will update its inflation projections.

The dollar was at 154.65 yen, nearly unchanged from 154.64 yen seen Friday afternoon in New York.

Among major shares, Nissan plunged 4.08 percent to 538.5 yen, after the automaker on Friday lowered its earnings forecasts, citing lower sales volumes and higher costs paid to suppliers and other factors.

Its bigger rival Toyota rose 0.82 percent to 3,551 yen.

Industrial robot producer Fanuc surged 1.99 percent to 4,350 yen. Sony Group jumped 0.96 percent to 12,650 yen.

Heavily weighted Fast Retailing, which operates the Uniqlo brand, added 0.77 percent to 40,830 yen.

Mitsubishi UFJ Financial Group advanced 2.10 percent to 1,531.5 yen.