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Tokyo stocks open higher on cheaper yen

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A man takes photos of a stock indicator showing share prices on the Tokyo Stock Exchange in Tokyo on July 13, 2018. Tokyo stocks opened higher on July 13 helped by a cheaper yen and rebounds on US markets. / AFP PHOTO / Kazuhiro NOGI

Tokyo stocks opened slightly higher on Tuesday as the yen remained cheaper against the dollar, with worries over a US-China trade war receding.

The benchmark Nikkei 225 index edged up 0.05 percent, or 12.03 points, to 22,609.38 in early trade, while the broader Topix index was up 0.23 percent, or 3.93 points, at 1,734.00.

“Expectations are that there may be continued calming of US-China trade friction this week,” Tsuyoshi Nomaguchi, strategist at Daiwa Securities, said.

With the cheaper yen, the Nikkei this week “may try an upper limit,” he added.

The Tokyo market was closed on Monday for a national holiday.

The dollar traded at 112.40 yen in early Asian trade Tuesday, up from 112.30 yen in New York late Monday.

Investors are also watching US industrial output due later on Tuesday and public hearings for US President Donald Trump’s plan to impose punitive levies on imported cars, Nomaguchi noted.

In Tokyo, some blue-chip exporters were higher, with game giant Nintendo trading up 2.71 percent at 37,470 yen, Panasonic 1.89 percent higher at 1,454.5 yen and Sony up 0.25 percent at 5,993 yen.

In New York, the Dow Jones Industrial Average finished up 0.2 percent at 25,064.36.


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