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Tokyo: Stocks open 0.62% higher

Wednesday, December 3, 2014 - 08:26
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[TOKYO] Tokyo stocks opened 0.62 per cent higher on Wednesday, boosted by the dollar's rise to a fresh seven-year high against the yen and a new record close on Wall Street.

The Nikkei 225 index at the Tokyo Stock Exchange, which closed at a seven-year high on Tuesday, added 108.93 points to 17,772.15 at the start.

The dollar firmed on a batch of encouraging US data on Tuesday that supported the notion of the world's largest economy doing decidedly better than many of its rivals.

The dollar was at 119.18 yen early Wednesday compared with 119.22 yen in New York Tuesday afternoon, hovering around its highest level since August 2007.

A weak yen is a positive for Japanese exporters as it makes them more competitive abroad and increases repatriated profits.

The euro bought US$1.2388 and 147.60 yen on Wednesday against US$1.2381 and 147.62 yen in US trade.

The Dow Tuesday jumped to a new record close following a rise in US construction spending and encouraging auto and sales data.

The Dow Jones Industrial Average gained 0.58 per cent to 17,879.55, about 50 points above the record set last week.

AFP

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