Tokyo Stocks Open Higher

AFP/APP

Tokyo: Tokyo stocks opened higher on Monday after US inflation data matched the Federal Reserve’s expectations.

The benchmark Nikkei 225 index was up 0.60 percent, or 242.22 points, at 40,611.66, while the broader Topix index added 0.12 percent, or 3.44 points, to 2,772.06.

“Asian markets are set to commence trading on solid footing to start the new quarter, buoyed by signs of a ‘soft landing’ in US inflation data on Friday and encouraging macro data from China over the weekend,” said Stephen Innes, managing partner of SPI Asset Management.

Investors also had their eyes on the Bank of Japan’s quarterly business survey, analysts said.

Ten minutes before the opening bell, the BoJ’s Tankan poll showed that business confidence among large manufacturers slipped in March—the first decline in the past four quarters, but slightly higher than market expectations.

The dollar fetched 151.34 yen in early Asian trade, against 151.40 yen on Friday in late Tokyo hours.

US and European markets were closed for Easter holidays on Friday. European markets will also be closed on Monday.

In Tokyo, Sony Group was up 0.69 percent at 13,075 yen, Uniqlo operator Fast Retailing was up 1.10 percent at 47,660 yen, and industrial robot maker Rohm was up 1.67 percent at 2,469 yen.

Toyota fell 2.45 percent at 3,699 yen, and chip-testing equipment maker Advantest was down 1.91 percent at 6,689 yen.