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Tokyo stocks open higher as volatility fears ease


Pedestrians walk past a stock indicator showing share prices at the Tokyo Stock Exchange in Tokyo on February 9, 2018. Tokyo stocks dropped more than three percent on February 9 after European and US stocks suffered big drops as volatility continued to dog equity markets. / AFP PHOTO / Behrouz MEHRI

Tokyo stocks opened higher on Friday, extending gains on Wall Street as investors regained confidence and set aside inflation fears that stoked volatility earlier in the month.

The benchmark Nikkei 225 index edged up 0.34 percent, or 72.34 points, to 21,537.32 in early trade, while the broader Topix index was up 0.54 percent, or 9.35 points, at 1,728.62.

“Risk-averse attitude will be receding gradually with a sense of bottoming out in US shares,” Okasan Online Securities said in a statement.

Wall Street stocks enjoyed more solid gains Thursday, climbing for a fifth straight session.

The Dow Jones Industrial Average rose 1.2 percent to close at 25,200.37.

In Tokyo on Friday, the dollar changed hands at 106.10 yen, against 106.14 yen in New York.

Sony rose 1.12 percent to 5,231 yen and Toyota gained 0.59 percent to 7,184 yen.

Tokyo Electron, a major manufacturer of chip-making equipment, gained 0.70 percent to 20,200 yen, after a brokerage upgraded its estimate of the firm’s value.

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