Business

Tokyo stocks open higher on US stimulus hopes

Written by The Frontier Post

TOKYO (AFP): Tokyo stocks opened higher on Friday extending rallies on Wall Street with investors boosted by US stimulus hopes.

The benchmark Nikkei 225 index was up 1.05 percent or 299.18 points at 28,641.13 in early trade, while the broader Topix index gained 0.88 percent or 16.33 points to 1,881.45.

“Japanese shares are seen rallying, supported by expectations for an early deal for additional US economic stimulus,” Mizuho Securities said.

Investors are awaiting earnings reports due later Friday from Japan Steel, Mitsui Fudosan and NTT among others, it added.

The dollar fetched 105.50 yen in early Asian trade, against 105.52 yen in New York late Thursday.

In Tokyo, Mazda skyrocketed 18.02 percent to 956 yen after its third-quarter operating profit exceeded market expectations.

Mega-bank Mitsubishi UFJ Financial was up 0.88 percent at 505.3 yen after it rebounded in the third quarter.

Japan’s household spending in December was down 0.6 percent, against market expectations of a drop of 1.8 percent, according to government data released before the opening bell.

On Wall Street, the Dow ended up 1.1 percent at 31,055.86.

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