TOKYO, June 27, 2022 (BSS/AFP) - Tokyo stocks opened higher on Monday,

extending strong rallies on Wall Street, where the weakening economic outlook
moderated expectations on central bank monetary tightening.

The benchmark Nikkei 225 index was up 1.02 percent, or 271.10 points, at
26,763.07 in early trade, while the broader Topix index was up 1.00 percent,
or 18.60 points, at 1,885.32.

The dollar fetched 135.00 yen, against 135.17 yen in New York late Friday.

"Gains in US shares are likely encouraging investors in Japanese stocks to
buy," Mizuho Securities said.

On Wall Street, the Dow gained 2.7 percent to 31,500.68, the broad-based S&P
500 added 3.1 percent, while the tech-rich Nasdaq Composite Index jumped 3.3
percent.

The heightened global recession risk is leading investors to speculate that
the pace of the US Federal Reserve's interest rate hikes could be slower than
expected, analysts said.

But Rakuten Securities senior strategist Masayuki Kubota shrugged off
recession worries, saying it "most likely" will not happen, while US and
Japanese share prices have now fallen far enough for bargain-hunting
purchases to dominate.

Sony Group rallied 1.69 percent to 11,440 yen, chip-testing equipment
manufacturer Advantest was up 1.62 percent at 7,510 yen, and Hitachi was up
2.05 percent at 6,523 yen.

Tokyo Electric (TEPCO) was up 3.98 percent at 496 yen, after the industry
ministry warned that electricity's demand-supply balance will be tight on
Monday due to hot weather.