The Business Times

Tokyo: Stocks open 0.53% higher

Published Tue, Mar 10, 2015 · 12:23 AM
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[TOKYO] Tokyo stocks opened 0.53 per cent higher on Tuesday after the yen fell to a three-month low on the dollar.

The Nikkei 225 index at the Tokyo Stock Exchange gained 100.46 points to 18,891.01 at the start.

The dollar bought 121.51 yen early Tuesday, up from 121.15 yen in New York late Monday, reaching its highest level since early December on the back of investor confidence in the US economy.

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

The euro was mixed as the European Central Bank embarked on its long-awaited quantitative easing programme.

The 19-nation currency bought US$1.0835 and 131.58 yen on Tuesday against US$1.0854 and 131.49 yen in US trade.

Wall Street stocks notched solid gains Monday following the launch of Apple's smartwatch and a General Motors announcement of US$5 billion in share buybacks.

The Dow Jones Industrial Average rose 0.78 per cent while the broad-based S&P 500 gained 0.39 per cent.

The tech-rich Nasdaq Composite Index advanced 0.31 per cent, with Apple rising 0.4 per cent after it unveiled the Apple Watch, a high-end smartwatch that can make and receive calls and messages and track health and fitness.


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