BCN-06 Tokyo’s Nikkei opens up more than 3%

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ZCZC

BCN-06

STOCKS-JAPAN-MARKETS-OPEN

Tokyo’s Nikkei opens up more than 3%

TOKYO, Jan 7, 2019 (BSS/AFP) – Tokyo stocks opened up more than 3.0
percent on Monday, following European and US markets that roared last week on
strong US data and dovish comments from the Federal Reserve.

The benchmark Nikkei 225 index added 3.06 percent, or 598.00 points, to
20,159.96 in early trade while the broader Topix index jumped 3.05 percent,
or 44.83 points, to 1,515.99.

The robust open in Tokyo came as global investors embraced a strong US
jobs report and dovish statements from Fed Chairman Jerome Powell last week.

In recent weeks, investors have aggressively sold down Tokyo shares on
general worries about the US economic outlook and earlier falls on Wall
Street.

On Friday alone, the Nikkei lost 2.26 percent.

But investors perked up on the positive news from the US, where the Dow
Jones finished up 3.3 percent on Friday.

“The Nikkei index gained across the board and went beyond 20,200 as
investors’ worries receded and encouraged buyback of shares,” Okasan Online
Securities said in a commentary.

Looking ahead, investors kept their eyes on trade ties between Washington
and Beijing, with delegations from both sides set to hold negotiations
Monday.

“Many investors want to see the direction of the US-China trade talks and
are also watching foreign exchange rates,” Okasan said.

In the forex market, the dollar stood at 108.53 yen, firming from 108.44
yen in New York on Friday.

Among major gainers, Uniqlo-operator Fast Retailing rose 3.20 percent to
55,220 yen. Sony soared 5.06 percent to 5,444 yen, and Toyota added 3.72
percent to 6,582 yen.

Takeda, which is drawing close to finishing a takeover of Irish
pharmaceutical firm Shire, jumped 7.24 percent to 3,984 yen.

BSS/AFP/HR/0925