Tokyo stocks open higher after US Fed cut rates

Tokyo, Oct 31 (AFP/APP): Tokyo stocks opened higher on Thursday encouraged by rallies on Wall Street after the Federal Reserve cut interest rates.

The benchmark Nikkei 225 index was up 0.51 percent or 115.93 points at 22,959.05 in early trade, while the broader Topix index was up 0.09 percent or 1.46 points at 1,667.36.

“Japanese shares are seen rebounding following rallies in US shares,” Okasan Online Securities said in a commentary.

Investors were awaiting the Bank of Japan’s policy decision later in the day, although the bank was not expected to make any major changes, analysts said.

The dollar fetched 108.84 yen in early Asian trade, against 108.85 yen in New York.

In Tokyo, Sony was up 4.21 percent at 6,630 yen after it upgraded its annual forecast on solid growth in its image sensor and music sectors.

SoftBank Group was up 1.98 percent at 4,120 yen while Nintendo was up 0.52 percent at 38,690 yen ahead of its earnings report after the market close.

Panasonic was up 0.21 percent at 914.1 yen ahead of its earnings report after the market close.
On Wall Street, the Dow ended up 0.4 percent at 27,186.69.

Tokyo stocks open higher on cheap yen, trade optimism

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