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Tokyo stocks open higher helped by cheaper yen

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Pedestrians walk past a stock indicator showing share prices on the Tokyo Stock Exchange in Tokyo on June 5, 2018. Tokyo stocks gained June 5 as a strong US jobs report continued to support the global market while the yen edged lower against the dollar, boosting Japanese exporters. / AFP PHOTO / Kazuhiro NOGI

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.


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