Tokyo stocks open higher on cheaper yen

Tokyo, Nov 25 (AFP/APP): Tokyo stocks opened higher on Monday helped by a cheaper yen and rallies in New York as traders remained focused on the US-China trade talks and the situation in Hong Kong.

The benchmark Nikkei 225 index was up 0.80 percent, or 184.18 points, at 23,297.06 in early trade, while the broader Topix index rose 0.64 percent, or 10.84 points, to 1,702.18.

“Japanese shares are seen testing the upside following rallies in US shares and the currency rate that has been settling” down to a cheaper yen against the dollar, Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.

But the buying could be capped by uncertainties over the precarious situation in Hong Kong, dealers said.

Hong Kong’s pro-democracy camp was headed for a thumping victory in district council elections, local media reported, a vote widely seen as a referendum on the Beijing-backed government’s handling of months of violent political unrest.

US stocks boosted by strong consumer data

The dollar fetched 108.72 yen in early Asian trade, against 108.69 yen in New York on Friday.

In Tokyo, automakers were higher, with Honda gaining 1.44 percent to 3,153 yen, Nissan edging up 0.68 percent to 671.7 yen and Toyota higher by 0.25 percent at 7,773 yen.

Banks were also among the gainers, with Mitsubishi UFJ Financial trading up 0.99 percent at 578.4 yen and Sumitomo Mitsui Financial climbing 1.18 percent at 4.010 yen.

On Wall Street, the Dow ended up 0.4 percent at 27,875.62 on Friday.