Tokyo stocks open higher on US rallies, cheap yen

Tokyo, Oct 24 (AFP/APP): Tokyo stocks opened higher on Thursday helped by rallies on Wall Street and a cheaper yen against the dollar.

The benchmark Nikkei 225 index was up 0.46 percent or 103.56 points at 22,728.94 in early trade, while the broader Topix index was up 0.54 percent or 8.82 points at 1,646.96.

“A rebound in US shares and a relatively cheaper yen is helping investors seek the upside” in Japanese shares, Yoshihiro Ito, chief strategist at Okasan Online Securities said.

The dollar fetched 108.62 yen in early Asian trade, against 108.65 yen in New York and 108.33 yen in Tokyo late Wednesday.

The dollar’s strength partly reflected brisk US corporate earnings and optimism over the US-China trade talks, analysts said.

In Tokyo, chip-making equipment manufacturer Tokyo Electron was up 1.96 percent at 21,290 yen, industrial robot maker Fanuc was up 1.21 percent at 21,205 yen, and Toyota was up 0.19 percent at 7,434 yen.

SoftBank Group was down 1.41 percent at 4,131 yen after a report the company plans to seek approval of its We Work bailout package with a US government committee that reviews corporate deals for national security risks.

On Wall Street, the Dow ended up 0.2 percent at 26,833.95.

Tokyo stocks open higher with stable yen

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