Tokyo Stocks Open Higher After US Gains

AFP/APP

Tokyo: Tokyo stocks rose on Monday after US markets finished mostly higher at the end of last week.

The benchmark Nikkei 225 index was up 0.77 percent, or 294.74 points, at 38,782.64 in early trade, while the broader Topix index added 0.90 percent, or 25.08 points, to 2,797.57.

“The Japanese market is expected to start with gains, extending gains in US shares,” although the performance of chip-linked shares may be weak as the tech-rich Nasdaq was flat in New York, Tokai Tokyo Research Institute said.

The dollar fetched 157.27 yen in early Asian trade, against 157.30 yen in New York.

Wall Street’s three main indices mostly closed higher on Friday after data showed the US Federal Reserve’s preferred metric for inflation remained unchanged in April.

The Dow Jones Industrial Average closed up 1.5 percent, while the broad-based S&P 500 ended the day 0.8 percent higher at 5,277.51.

The tech-heavy Nasdaq Composite Index was the only major New York index that did not rise on Friday, closing almost unchanged at 16,735.01.

In Tokyo, Sharp advanced 3.28 percent to 1,002 yen, mini car specialist Suzuki was up 3.33 percent at 1,925 yen, and Canon 2.83 percent higher at 4,681 yen.

Uniqlo operator Fast Retailing was up 2.39 percent at 41,170 yen. Trading house Marubeni added 2.22 percent to 3,128 yen.