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Tokyo stocks open higher on bargain-hunting buys

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A pedestrian walks past a stock indicator board for the Tokyo Stock Exchange being displayed in a window of a securities company in Tokyo on October 1, 2018. – Japanese shares powered to a new 27-year high on October 1 after the US and Canada clinched a long-awaited trade deal, but other Asian equity markets struggled in subdued holiday trading. (Photo by Martin BUREAU / AFP)

Tokyo stocks opened higher Wednesday with bargain-hunting purchases making up for the negative impact from a higher yen.

The benchmark Nikkei 225 index was up 0.21 percent or 49.95 points at 23,519.34 while the broader Topix index was up 0.36 percent or 6.37 points at 1,767.49.

The dollar fetched 112.95 yen in early Asian trade, against 112.99 yen in New York and above 113 yen levels in Tokyo late Tuesday.

“After four days of falling… Japanese shares are in a good place for bargain-hunting buys, even though a higher yen is somewhat weighing on the market,” Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.

In Tokyo, automakers were higher with Toyota edging up 0.30 percent to 6,807 yen and Honda trading up 0.37 percent at 3,235 yen.

Olympus was up 0.45 percent at 4,400 yen while market heavyweight and Uniqlo casual wear operator Fast Retailing was up 0.53 percent at 58,740 yen.

On Wall Street, the Dow closed down 0.2 percent at 26,430.57 as US shares faced another day of pressure over higher interest rates.


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