TOKYO, April 20 ― Tokyo stocks opened higher today, helped by a cheaper yen and gains on Wall Street where investors were encouraged by better-than-expected US housing starts data and solid corporate earnings.
The benchmark Nikkei 225 index was up 0.76 per cent, or 204.38 points, at 27,189.47 in early trade, while the broader Topix index was up 0.83 per cent, or 15.69 points, at 1,911.39.
The dollar firmed to ¥129.23 (RM4.28) from ¥128.89 in New York late yesterday, extending the yen's recent falls driven by higher US Treasury yields.
“Rallies on Wall Street and a cheaper yen against the dollar are supporting” the Tokyo market, Mizuho Securities said.
Despite pushing up the price of imported goods, a cheaper yen is seen as good for exporters as it increases both price competitiveness overseas and repatriated profits.
Among major shares in Tokyo, Toyota was up 3.54 per cent at ¥2,254 after the auto giant said it will invest US$383 million into hybrid production in the United States.
Its rivals were also higher with Honda trading up 3.71 per cent at ¥3,437 and Nissan rallying 5.34 per cent to ¥554.4.
Sony Group was up 2.17 per cent at ¥11,525, Panasonic was up 1.56 per cent at ¥1,141.5, and Uniqlo operator Fast Retailing was up 1.65 per cent at ¥63,940.
Japan booked a trade deficit of ¥412.4 billion in March, the eighth consecutive monthly deficit, according to finance ministry data released before the opening bell. The figure did not prompt a strong market reaction. ― AFP
