Tokyo: Stocks open up 1.09%

[TOKYO] Tokyo stocks opened 1.09 per cent higher on Friday, with investor sentiment supported by sharp gains on Wall Street and assurances that Greek banks will get liquidity funding.

The Nikkei 225 index at the Tokyo Stock Exchange gained 191.56 points to 17,696.18 at the start.

The Dow Jones Industrial Average jumped 1.20 per cent Thursday on surging oil prices and merger activity by Pfizer.

The euro rebounded as emergency funding was promised for Greek banks.

The common European currency bought US$1.1472 and 134.83 yen early Friday, compared with US$1.1475 and 134.89 yen in New York Thursday afternoon.

The euro plunged on Wednesday after the European Central Bank said it would not longer allow Greek banks to use government debt as collateral for loans.

But on Thursday assurances that the banks could still tap the ECB's emergency liquidity assistance programme helped quell fears of an immediate banking crisis.

The access should help protect them against a possible run by depositors while Athens seeks to renegotiate its international bailout with creditors.

The dollar was at 117.51 yen against 117.55 yen in US trade Thursday as investors waited for a key US jobs report to be released later Friday.


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