Tokyo Stocks Open Higher As Yen Drops

Tokyo stocks open higher as yen drops

Tokyo, Sept 19 (UrduPoint / Pakistan Point News - 19th Sep, 2018 ) :Tokyo stocks opened higher on Wednesday, with investor sentiment buoyed by gains on Wall Street and a cheaper yen.

The benchmark Nikkei 225 index, which had climbed to its highest level in more than seven months on Tuesday, added another 1.45 percent, or 339.00 points, to 23,759.54 in early trade.

The broader Topix was up 1.32 percent, or 23.18 points, at 1,783.06.

"Japanese stocks will likely chase higher prices as sentiment improved on rises in US stocks and the yen's drop," Okasan Online Securities chief strategist Yoshihiro Ito said in a commentary.

The Bank of Japan is widely expected to keep its accommodative policy in place when it wraps up a two-day policy meeting later Wednesday.

Global stock markets took the latest escalation in the trade war between the United States and China in their stride on Tuesday.

China announced tariffs on US goods worth $60 billion in retaliation to President Donald Trump's decision to slap duties on $200 billion in Chinese products next week.

The Dollar was changing hands at 112.28 yen, hardly changed from 112.33 Yen in New York Tuesday afternoon but up from the 111-yen levels seen for most of Tuesday in Tokyo.

The weaker yen lifted Japanese exporters, with Honda up 1.67 percent at 3,339 yen and precision equipment maker Kyocera up 2.31 percent at 6,598 yen.

Industrial robot maker Fanuc rose 1.29 percent to 22,055 yen.