Tokyo stocks open higher with stable yen

Tokyo, Oct 23 (AFP/APP): Tokyo stocks opened higher on Wednesday, helped by a stable yen against the dollar.

The benchmark Nikkei 225 index was up 0.27 percent or 59.94 points at 22,608.84 in early trade while the broader Topix index was up 0.28 percent or 4.52 points at 1,633.12.

The Japanese market was closed on Tuesday for a public holiday for the new emperor’s enthronement proclamation ceremony.

“As the US market rose overall in the past two days through yesterday, Japanese shares are seen starting with a steady rise,” Toshiyuki Kanayama, senior market strategist at Monex, said in a note.

Trade was cautious however ahead of Japanese corporate earnings season starting later this week, and with investors digesting the latest twist in the Brexit saga, analysts said.

The dollar fetched 108.30 yen in early Asian trade, against 108.49 yen in New York late Tuesday.

Tokyo stocks open higher with eyes on earnings

Among major shares in Tokyo, shipping firms were among winners, with Mitsui O.S.K. Lines trading up 0.98 percent at 2,969 yen and Nippon Yusen up 0.72 percent at 1,947 yen.

SoftBank Group was down 2.60 percent at 4,186 yen after news the telecom and investment giant will take control of We Work in a bailout plan that will see the office-sharing startup’s co-founder Adam Neumann exit the board.

Uniqlo casual wear operator and market heavyweight Fast Retailing was up 1.28 percent at 70,160 yen.

Nissan was down 1.09 percent at 675.1 yen after reports that lawyers for former company CEO Carlos Ghosn have submitted documents to the Tokyo District Court pleading not guilty to all charges against him.

Its rival Toyota was up 0.13 percent at 7,410 yen while Honda was down 1.79 percent at 2,843 yen.
On Wall Street, the Dow ended down 0.2 percent at 26,788.10.

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