BCN-05 Tokyo stocks open higher with eyes on earnings

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BCN-05

STOCKS-MARKETS-JAPAN-OPEN-LEAD

Tokyo stocks open higher with eyes on earnings

TOKYO, July 24, 2018 (BSS/AFP) – Tokyo stocks opened higher on Tuesday as
the yen’s rise peaked, with investor focus shifting to corporate earnings
reports over the coming weeks.

The benchmark Nikkei 225 index gained 0.64 percent, or 144.39 points, to
22,541.38 in early trade, while the broader Topix index was up 0.58 percent,
or 10.07 points, at 1,748.77.

“As the yen’s rise (against the dollar) peaked, buying back is seen
dominating early trade,” Yoshihiro Ito, chief strategist at Okasan Online
Securities, said in a commentary.

“Individual shares of companies expected to have positive corporate
earnings will get attention” from investors, he said.

The dollar traded at 111.33 yen in early Asian trade, down slightly from
111.46 yen in New York but up from 110.97 yen in Tokyo Monday afternoon.

Mitsubishi Motors was 2.45 percent higher at 919 yen ahead of its earnings
report for the first quarter to June due later on Tuesday.

Banks were higher after US bond yields rose, with Sumitomo Mitsui
Financial trading up 1.21 percent at 4,510 yen and Mitsubishi UFJ Financial
0.61 percent higher at 690.9 yen.

On Wall Street, the Dow closed down 0.1 percent at 25,044.29.

BSS/AFP/MR/ 1116 hrs