Tokyo stocks open higher helped by US rallies

Tokyo, Oct 16 (AFP/APP): Tokyo stocks opened higher on Wednesday tracking rallies on Wall Street following a batch of strong corporate earnings, with a cheap yen against the dollar also supporting the Japanese market.

The benchmark Nikkei 225 index was up 1.20 percent or 266.56 points at 22,473.77 in early trade, while the broader Topix index was up 1.04 percent or 16.77 points at 1,636.97.

“After US shares gained thanks to positive corporate earnings, the Japanese market is seen rising supported by rallies in the US and a cheaper yen,” Toshiyuki Kanayama, senior market analyst at Monex, said in a note

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The dollar fetched 108.83 yen in early Asian trade, against 108.84 yen in New York and 108.35 yen in Tokyo on Tuesday. The greenback was stronger than the below-108 yen levels last week.

In Tokyo, shipping firms were among winners, with Mitsui O.S.K. Lines trading up 1.67 percent at 3,035 yen and Nippon Yusen up 1.89 percent at 1,936 yen.

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Automakers were also higher, with Toyota trading up 1.39 percent at 7,488 yen, Nissan up 1.74 percent at 692.4 yen and Honda up 0.93 percent at 2,926.5 yen.

On Wall Street, the Dow ended up 0.9 percent at 27,024.80.

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