Tokyo: Stocks open 0.46% higher ahead of Fed testimony

[TOKYO] Tokyo stocks opened 0.46 per cent higher on Wednesday as investors awaited remarks to be made by US Federal Reserve chief Janet Yellen to US lawmakers later in the day.

The Nikkei 225 index at the Tokyo Stock Exchange rose 93.52 points to 20,478.85 in the first few minutes of trading.

On forex markets, the euro stood at US$1.1006 compared with US$1.1008 in New York late Tuesday.

The unit eased to 135.68 yen against 135.82 yen in US trade, while the dollar edged down to 123.30 yen from 123.38 yen.

Ms Yellen was on Wednesday to make her twice-yearly testimony to Congress on monetary policy and the state of the world's largest economy.

Investors are looking to Ms Yellen's remarks for insight into the Fed's thinking on its plan to raise its zero-level federal funds rate this year.

Wall Street stocks rose Tuesday, with the Nasdaq leading the way following reports of a possible US$23 billion acquisition of chipmaker Micron, with the tech-rich index gaining 0.66 per cent.

The Dow Jones Industrial Average, meanwhile, climbed 0.42 per cent.

AFP