Tokyo stocks open higher on cheap yen

Tokyo, Oct 25 (AFP/APP): Tokyo stocks opened higher on Friday supported by a relatively cheap yen and after some US indexes finished higher.

The benchmark Nikkei 225 index was up 0.10 percent or 22.47 points at 22,773.07 in early trade, while the broader Topix index was up 0.10 percent or 1.57 points at 1,645.31.

“The yen has been stable in recent sessions, and even though the Dow ended down in New York, the Nasdaq and S&P 500 finished higher, so that’s a tailwind for Japanese shares,” Hideyuki Suzuki, head of investment information research department at SBI Securities told AFP.

Investors are watching corporate earnings reports, but “they are not very worried,” he added.

They are also taking relief from the fact that key central banks including the US Federal Reserve and the ECB remain dovish over monetary policy, he added.

Among major shares in Tokyo, chip-making equipment manufacturer Tokyo Electron was up 2.86 percent at 21,945 yen, Sony was up 0.58 percent at 6,377 yen, and precision and electronic parts maker Nidec was up 3.23 percent at 15,980 yen.

The dollar fetched 108.68 yen in early Asian trade, against 108.66 yen in New York.

On Wall Street, the Dow ended down 0.1 percent at 26,805.53 but the S&P 500 closed up 0.2 percent and tech-rich Nasdaq ended up 0.8 percent.

Tokyo stocks open higher on US rallies, cheap yen

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