Tokyo Stocks Open Higher

AFP/APP)

Tokyo:Tokyo stocks opened higher on Monday as the yen weakened against the dollar, after Wall Street seesawed following a US jobs report.

The benchmark Nikkei 225 index added 0.22 percent, or 86.33 points, to 38,770.26, while the broader Topix index climbed 0.43 percent, or 11.83 points, to 2,766.86. 

“Although US shares fell on Friday, the Japanese market is expected to start on a lighter note today, given the weaker yen. Overall, trading will remain without a sense of direction,” brokerage Monex said.

On Wall Street, a hotter-than-expected US jobs report soothed worries about the economy but fuelled concerns that the Federal Reserve could keep interest rates higher for longer.

The Dow Jones Industrial Average finished down 0.2 percent while the broad-based S&P 500 declined 0.1 percent. The tech-rich Nasdaq Composite Index lost 0.2 percent. 

The dollar fetched 156.85 yen on Monday, up from 156.71 yen in New York and 155.54 yen in Tokyo on Friday.

A weaker Japanese currency helps exporters as it inflates their repatriated profits.

In Tokyo trading, automakers were higher, with Toyota jumping 1.65 percent to 3,272 yen and Honda gaining 1.56 percent to 1,693.5 yen. 

SoftBank Group rose 1.19 percent to 9,609 yen while Uniqlo operator Fast Retailing advanced 0.29 percent to 41,200 yen.