Tokyo Shares Open Higher on US Tech Gains

AFP/APP

Tokyo: Tokyo stocks opened higher on Tuesday as investors cheered overnight gains in US high-tech shares.

The benchmark Nikkei 225 index added 0.14 percent, or 54.07 points, to 39,857.16 in early trade, while the broader Topix index rose 0.11 percent, or 2.90 points, to 2,724.12.

Overnight, the Nasdaq rose 0.1 percent, with semiconductor issues enjoying strong gains. Micron Technology added 5.43 percent.

The US high-tech gains encouraged the Tokyo market, where investors eyed bargains after the Nikkei lost 1.40 percent on Monday.

The dollar’s gain was also seen as encouraging news for exporters. 

The US currency hovered around 151.55 yen, off slightly from 151.65 yen in New York but higher from 151.34 yen seen in Tokyo on Monday. 

Investors are eyeing whether the Nikkei could rise and stay above the psychologically key 40,000 mark again, brokerage house Monex said.

Daiwa Securities said: “Investors are starting the day’s session with buying, and the yen’s weakness is seen encouraging them.” 

Among major Tokyo shares, semiconductor shares surged in early trade. Tokyo Electron jumped 2.90 percent to 39,410 yen. Disco, which makes cutters for semiconductors, added 1.68 percent to 56,760 yen. 

Exporters also headed higher.

Toyota rose 1.40 percent to 3,690 yen. Sony Group added 0.27 percent to 13,100 yen.

Mitsubishi UFJ Financial Group rose 1.91 percent to 1,523.5 yen. Uniqlo operator Fast Retailing also added 0.68 percent to 47,240 yen.