BCN-06 Tokyo stocks open higher tracking gains in US shares

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ZCZC

BCN-06

STOCKS-JAPAN-OPEN

Tokyo stocks open higher tracking gains in US shares

TOKYO, March 18, 2019 (BSS/AFP) – Tokyo stocks opened higher on Monday,
tracking gains on Wall Street due to optimism over US-China trade talks, with
investors closely eyeing the US Federal Reserve’s meeting later this week.

The Nikkei 225 index added 0.65 percent, or 139.64 points, to 21,590.49 in
early trade, while the broader Topix index climbed 0.43 percent, or 6.82
points, to 1,609.45.

“Japanese shares are seen supported by rallies in the US market,”
Toshiyuki Kanayama, senior market analyst at Monex, said in a commentary.

But traders may stay on the sidelines as they eye the Fed’s two-day policy
meeting through Wednesday, analysts said.

Japanese exports declined for the third straight month, according to
government data released 10 minutes before the opening bell.

The continued decline in exports “may prompt concerns that the Japanese
economy may be slowing down on the backdrop of the slowing Chinese economy,”
Daiwa Securities strategist Tsuyoshi Nomaguchi said in a commentary.

The dollar fetched 111.53 yen in early Asian trade, against 111.51 yen in
New York on Friday.

In Tokyo, mobile and investment fund SoftBank Group rose 1.98 percent to
11,055 yen, chip-making equipment manufacturer Tokyo Electron rallied 3.25
percent to 15,715 yen, and market heavyweight Fast Retailing was up 0.11
percent at 53,550 yen.

BSS/AFP/HR/0950