Tokyo Stocks Open Higher, Extending US Gains

Tokyo, June 8 (UrduPoint / Pakistan Point News - 8th Jun, 2022 ) :Tokyo stocks opened higher on Wednesday, tracking Wall Street rallies, with a cheap Yen giving some support to exporters.

The benchmark Nikkei 225 index was up 0.61 percent, or 169.99 points, at 28,113.94, while the broader Topix index was up 0.45 percent, or 8.71 points, at 1,955.74.

Investors in Tokyo "are likely to test the ceiling of today's trade" and actively buy after rallies on Wall Street, Okasan Online Securities said in a note.

"A sense of short-term overheating will be offset by the yen's depreciation against the dollar," it added.

The Dollar fetched 132.80 in early Asian trade, against 132.62 yen in New York late Tuesday.

Among major shares in Tokyo, industrial robot maker Fanuc was up 1.39 percent at 21,940 yen, SoftBank Group was up 1.03 percent at 5,486 yen, and construction machine maker Komatsu was up 0.

52 percent at 3,462 yen.

Mercari rallied 2.52 percent to 2,078 yen, a day after the e-commerce marketplace app operator said its shares were now listed in the prestigious Prime Market segment of the Tokyo Stock Exchange.

Toyota was up 0.25 percent at 2,196 yen, and Nissan was up 0.27 percent at 556.1 yen, but Honda was down 0.50 percent at 3,365 yen after a rally in the previous session.

Japan's economy shrank less than initially estimated in the first quarter of 2022, according to official data released before the opening bell.

The world's third-largest economy shrank a revised 0.1 percent quarter-on-quarter in the January-March period, a smaller contraction than the preliminary estimate of a 0.2 percent contraction.

The data did not prompt a strong market reaction.