Tokyo Stocks Open Higher

Tokyo, (UrduPoint / Pakistan Point News - 22nd Mar, 2023 ) :Tokyo stocks opened higher Wednesday following rallies on Wall Street, where assurances from officials eased investor concerns over financial instability.

The benchmark Nikkei 225 index was up 1.42 percent, or 382.43 points, at 27,328.10 in early trade, while the broader Topix index added 1.62 percent, or 31.26 points, to 1,960.56.

The Dollar fetched 132.43 yen, against 132.54 Yen in New York on Tuesday.

Authorities in leading economies have pledged support for depositors and troubled lenders in an effort to calm markets and made comments aimed at assuaging fears of a financial crisis.

The US banking sector is now "stabilising", Treasury Secretary Janet Yellen told an American Bankers Association (ABA) conference on Tuesday.

Yellen noted further interventions may be justified "if smaller institutions suffer deposit runs that pose the risk of contagion" -- remarks that "sparked today's risk-on mood," Edward Moya, senior market analyst at OANDA, said.

This, coupled with a similar assurance from Deputy Treasury Secretary Wally Adeyemo, constitutes a "clear message" that officials are "not taking this banking turmoil lightly and that they will probably be proactive when the next major risk arises," Moya added.

In Japan, traders were tracking the US gains, with a focus on how much recovery the Nikkei can achieve in the face of a "wait-and-see mood" likely to take hold before the next Federal Reserve decision, Monex senior market analyst Toshiyuki Kanayama said.

Among major shares in Tokyo, SoftBank Group surged 3.13 percent to 5,003 yen, Sony Group firmed 1.64 percent to 11,750 yen and Toyota climbed 1.52 percent to 1,794 yen.

Uniqlo operator Fast Retailing was up 0.47 percent to 27,525 yen.