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Tokyo: Stocks open slightly up on Monday

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[TOKYO] Tokyo stocks opened slightly higher on Monday after the dollar rose against the yen on oil-producing cartel OPEC's decision not to cut production.

The Nikkei 225 index at the Tokyo Stock Exchange was up 0.09 per cent, or 15.25 points, to 17,475.10 at the start.

The dollar was at 118.87 yen early Monday, up from 118.65 yen in New York Friday afternoon.

The euro also rose to 147.87 yen from 147.64 yen in US trade, while buying US$1.2438 against US$1.2443.

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

On Wall Street the blue-chip Dow Jones Industrial Average closed up 0.49 points on Friday, creeping to a new record high at 17,828.24, while energy-related stocks were hammered after the OPEC decision.

AFP

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