Tokyo stocks open modestly higher on Wall Street rally

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TOKYO, Feb 1, 2019 (BSS/AFP) – Tokyo stocks opened slightly higher on
Friday, encouraged by rallies on Wall Street and a stable exchange rate
between the yen and the dollar amid the Japanese corporate earnings season.

The benchmark Nikkei 225 index was up 0.49 percent, or 101.37 points, at
20,874.86 in early trade, while the broader Topix index rose 0.12 percent, or
1.83 points, to 1,569.32.

“As US high-tech shares rose and the currency market remains stable,
Japanese shares are seen gaining steadily,” Okasan Online Securities said in
a commentary.

Investors are closely watching US-China trade talks, but with the deadline
still a month away “the issue is not particularly affecting the market” noted
Okasan strategist Yoshihiro Ito.

The dollar fetched 108.94 yen in early Asian trade, against 108.88 yen in
New York late Thursday.

In Tokyo, Sharp was up 4.17 percent at 1,200 yen while Murata Mfg surged
10.01 percent to 16,965 yen after it said its net profit for the nine months
to December jumped nearly 40 percent.

Fanuc gained 2.96 percent to 18,905 yen despite the industrial robot
manufacturer revising down its full-year earnings forecasts.

Brokerage giant Nomura was down 4.93 percent at 420 yen after it posted a
net loss for the nine months to December.

Nintendo was down 6.11 percent at 31,760 yen despite its net profit jumping
nearly a quarter for the nine months to December.