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Tokyo stocks open higher on cheaper yen

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

Tokyo stocks opened higher on Wednesday helped by a cheaper yen against the dollar, extending Wall Street rallies on the US Federal Reserve chief’s strong economic outlook.

The benchmark Nikkei 225 index rose 0.95 percent, or 214.84 points, to 22,912.20 in early trade, while the broader Topix index was up 0.89 percent, or 15.59 points, at 1,760.64.

The dollar changed hands at 112.99 yen in early Asian trade after briefly rising above 113 yen, up from 112.84 yen in New York and 112.40 yen on Tuesday.

“Japanese shares are testing the upper limit with a tailwind from a cheaper yen following Fed chairman (Jerome) Powell’s congressional testimony,” Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.

Upbeat about the US economy, Powell began two days of congressional testimony on Tuesday by indicating the central bank would continue to raise rates gradually.

The comments sent the dollar up against its major peers and saw global stocks rally.

In Tokyo, exporters were higher with Toyota rising 1.55 percent to 7,489 yen, Honda advancing 0.96 percent to 3,355 yen and Panasonic up 1.10 percent at 1,459 yen.

On Wall Street, the Dow closed up 0.2 percent at 25,119.89.


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