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Tokyo: Stocks open 0.34% higher

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Tokyo stocks opened 0.34 per cent higher on Thursday on a weak yen following a choppy session on US markets with the euro slipping further towards parity with the dollar.

[TOKYO] Tokyo stocks opened 0.34 per cent higher on Thursday on a weak yen following a choppy session on US markets with the euro slipping further towards parity with the dollar.

The Nikkei 225 index at the Tokyo Stock Exchange increased 63.58 points to 18,787.10 at the start.

Exporters led early gains on the weak yen, which eased selling sentiment following declines in US stocks.

The greenback's ascent against the yen is generally positive for Japanese exporters as it makes them more competitive overseas and inflates the value of their repatriated profits.

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The dollar traded at 121.46 yen on Thursday in Tokyo against 121.44 yen in New York. The euro fell to US$1.0542 from US$1.0548 and to 128.07 yen from 128.10 yen.

US stocks finished slightly down Wednesday as the euro hit a new 12-year low of US$1.0510.

The Dow Jones Industrial Average dropped 0.16 per cent while the broad-based S&P 500 shed 0.19 per cent.

Equity markets continued to watch the euro-dollar pair after the European Central Bank this week launched a massive government bond-buying stimulus programme.

The dollar was also being supported by expectations that the Federal Reserve could raise interest rates sooner rather than later.

AFP

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