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Tokyo: Stocks open 0.91% higher


[TOKYO] Tokyo stocks opened 0.91 per cent higher Thursday as the yen weakened further and following another record close on Wall Street.

The Nikkei 225 index at the Tokyo Stock Exchange, which closed at a fresh seven-year high on Wednesday, added 161.48 points to 17,881.91 at the start.

The early gain came as the yen weakened further, with the dollar trading at 119.87 yen early Thursday compared with 119.80 yen in New York Wednesday afternoon.

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

The euro bought US$1.2313 and 147.57 yen against US$1.2308 and 147.48 yen in US trade.

US shares hit fresh record highs Wednesday after a Federal Reserve report showed the US economy was growing.

The Dow Jones Industrial Average rose 0.18 per cent to 17,912.62, its second straight record close, while the S&P 500 gained 0.38 per cent at 2,074.33, also a record.