TOKYO, Aug 14, 2020 (BSS/AFP) – Tokyo’s benchmark Nikkei index opened
higher Friday with investors expected to adjust their positions after recent
rallies as they monitor stalled talks in the US over fresh stimulus.
The Nikkei 225 index rose 67.27 points or 0.29 percent to 23,316.88 in
early trade, while the broader Topix index fell 2.78 points or 0.17 percent
to 1,621.37.
“The Tokyo market will likely be buoyant but is expected to see a mix of
both selling and buying,” Okasan Online Securities said in a note.
“There will be an adjustment from recent days of gains while talks have
stalled in the United States over additional economic stimulus,” discouraging
players, it added.
“These factors make it difficult to encourage aggressive buying.”
Technical charts still suggest room for Tokyo shares to rise further, the
brokerage added. But the market has in the past faced strong resistance
around the current range, Okasan said.
“Japanese shares have gained for three straight days on the back of strong
US shares. Market sentiment has improved,” Okasan said.
“US shares (overnight) were only so-so, but the dollar around 107 yen
should provide support,” it said.
On Wall Street, the Nasdaq ended 0.3 percent up, but the Dow gave up 0.3
percent while the S&P 500 fell 0.2 percent.
The dollar stood at 106.98 yen, up from 106.91 yen in New York Thursday.
Among major shares in Tokyo, Sony added 1.21 percent to 8,805 yen.
Industrial robot maker Fanuc rose 0.57 percent to 19,550 yen. Pharmaceutical
firm Daiichi Sankyo jumped 1.81 percent to 9,879 yen.
SoftBank Group lost 1.39 percent to 6,334 yen, while Toyota fell 0.81
percent to 7,226 yen.
Mitsubishi UFJ Financial Group fell 1.20 percent to 435.5 yen.