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Tokyo: Stocks open up 0.31%

Friday, February 27, 2015 - 08:38
JPNSTOCKSREUTERS.jpg

[TOKYO] Tokyo stocks opened 0.31 per cent higher on Friday after the yen dropped against the dollar on US inflation data.

The Nikkei 225 index at the Tokyo Stock Exchange, which closed at a fresh 15-year high on Thursday, added 58.49 points to 18,844.28 at the start.

The dollar firmed against other major currencies on Thursday as US inflation data pointed to rising pressures that could ease the way for the Federal Reserve to up interest rates.

The greenback bought 119.33 yen early Friday, slightly down from 119.42 yen in New York Thursday afternoon but sharply up from 118.97 yen in Tokyo earlier Thursday.

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

The euro bought $1.1205 and 133.67 yen on Friday against US$1.1198 and 133.72 yen in US trade.

A raft of Japanese data released early Friday showed a mixed picture for the world's third largest economy, with inflation slowing while factory production picked up.

AFP