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STOCKS-MARKETS-JAPAN-OPEN
Tokyo stocks open higher helped by cheaper yen
TOKYO, Aug 24, 2018 (BSS/AFP) – Tokyo stocks opened higher on Friday
helped by a cheaper yen against the dollar, extending rallies in global
stocks which shrugged off a US-China tariff row.
The benchmark Nikkei 225 index was up 0.31 percent or 70.37 points at
22,481.19 in early trade, while the broader Topix index was higher by 0.51
percent or 8.64 points at 1,706.86.
The dollar crept higher, changing hands at 111.39 yen in early Asian
trade, against 111.23 yen in New York and 110.85 yen in Tokyo on Thursday.
“The dollar strengthened after fresh exchanges of tariffs between the US
and China and this provides a tailwind for Japanese shares,” Yoshihiro Ito,
chief strategist at Okasan Online Securities said in a commentary.
Investors were mainly on the sidelines however, ahead of a speech by US
Federal Reserve chief Jerome Powell at a central bank gathering in the US
city of Jackson Hole later Friday, he added.
In Tokyo, some blue-chip exporters were higher, with Sony trading up 0.60
percent at 6,020 yen, Panasonic up 0.40 percent at 1,350.5 yen and game giant
Nintendo up 0.64 percent at 37,640 yen.
Steelmakers were lower, with Nippon Steel Sumitomo Metal trading down 2.35
percent at 2,219 yen and its rival JFE lower by 2.36 percent at 2,396 yen.
Automakers were also among the losers, with Nissan slipping 0.53 percent
to 1,030.5 yen and Honda down 0.33 percent at 3,307 yen.
On Wall Street, the Dow suffered a modest 0.3-percent decline to close at
25,656.98, largely shrugging off the latest US-China tariffs.
BSS/AFP/HR/0945