The Business Times

Tokyo: Stocks open up 0.55%

Published Thu, Oct 9, 2014 · 12:17 AM
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[TOKYO] Tokyo stocks opened 0.55 per cent higher Thursday as Wall Street shares jumped on speculation that the US central bank would remain dovish on monetary policy.

The Nikkei 225 index at the Tokyo Stock Exchange gained 85.55 points to 15,681.53 at the start.

The Dow Jones Industrial Average jumped 1.64 per cent to 16,994.22 after traders viewed new Federal Reserve meeting minutes as a sign the bank would remain dovish.

Minutes from the Fed's September meeting showed policy-makers cautious about rushing into rate hikes, and worried that the dollar is rising too fast.

There was also clear concern over slow growth in Europe and elsewhere.

"Reassuring information about the Fed's thinking should help stir some bargain-buying in Japan stocks, although without a strong dollar catalyst, the gains may be limited today," said SMBC Nikko Securities general manager of equities Hiroichi Nishi.

The Fed minutes kept the dollar in check, a negative for Japanese exporters.

The dollar was at 108.13 yen early Thursday, compared with 108.14 yen in New York Wednesday afternoon.

The euro bought US$1.2735 and 137.74 yen against US$1.2734 and 137.71 yen in US trade. - AFP

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