Tokyo stocks open higher with eyes on Fed
TOKYO, Jan 17, 2022 (BSS/AFP) - Tokyo stocks opened higher Monday as
investors weighed worries over a tightening of monetary policy by the US Fed
and awaited Chinese economic data due later in the day.
The benchmark Nikkei 225 index was up 0.69 percent or 195.38 points at
28,319.66 in early trade, while the broader Topix index gained 0.42 percent
or 8.38 points to 1,986.04.
Global markets are continuing to assess the Federal Reserve's expected
actions after several central bank officials said they expect multiple
interest rate hikes in 2022.
Speeches made by Fed officials last week ahead of the bank's January 25-26
meeting makes rate rises "as close to a slam dunk for markets as it's
possible to imagine," with the prospect already being priced into markets,
said strategist Ray Attrill of National Australia Bank.
"Japanese shares are seen supported by gains in the US Nasdaq," senior
market analyst Toshiyuki Kanayama of Monex said. The tech-rich Nasdaq index
closed up 0.6 percent on Friday.
Investors are also closely watching Chinese economic data including
October-December GDP, due during Tokyo trading hours, he added.
Chip-testing equipment maker Advantest was up 1.96 percent at 10,930 yen
and chip-making equipment manufacturer Tokyo Electron was up 1.04 percent at
Electronics giant Sharp was up 0.68 percent at 1,323 yen.
The dollar fetched 114.38 yen in early Asian trade, against 114.25 yen on