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BCN-05
STOCKS-MARKETS-JAPAN-OPEN
Tokyo stocks open higher, helped by cheaper yen
TOKYO, July 12, 2018 (BSS/AFP) – Tokyo stocks opened higher on Thursday,
partly supported by a cheaper yen against the dollar.
The benchmark Nikkei 225 index advanced 0.40 percent, or 88,54 points, to
22,020.75 in early trade, while the broader Topix index was up 0.32 percent,
or 5.46 points, at 1,707.34.
The dollar fetched 112.06 yen in early Asian trade, against 112.03 yen in
New York and 111.05 yen in Tokyo on Wednesday.
“Japanese shares are seen supported by a cheaper yen against the dollar in
early trade despite falls in US shares,” Okasan Online Securities said in a
commentary.
“However, the upside will be limited with some waiting for China’s next
move on the US-China trade war,” it added.
President Donald Trump’s administration late Tuesday launched the process
to impose fresh tariffs on another $200 billion in Chinese goods, an
escalation only days after tit-for-tat duties on $34 billion in goods came
into effect.
Beijing vowed to retaliate against the latest move, calling the US action
“totally unacceptable.”
The development sent the global stocks tumbling on Wednesday, and on Wall
Street the Dow dropped 0.9 percent to close the day at 24,700.45.
In Tokyo, Sony rose 2.10 percent to 5,864 yen and Panasonic edged up 0.42
percent to 1,404.5 yen.
Market heavyweight Fast Retailing, the operator of Uniqlo casual wear,
rose 1.01 percent to 47,900 yen.
BSS/AFP/HR/0945