Tokyo: Stocks open 0.38% higher

[TOKYO] Tokyo stocks opened 0.38 per cent higher on Monday after the yen dropped against the dollar in a boost for Japanese exporters.

The Nikkei 225 index at the Tokyo Stock Exchange, which ended last week at a fresh 15-year high, rose another 71.46 points to 18,869.40 at the start.

Investors were also confident of ample fund flows into markets as central banks globally keep easy monetary policies.

China's central bank on Saturday announced that it will cut the benchmark deposit and loan interest rates by 25 basis points, as authorities seek to prop up flagging growth in the world's second-largest economy.

The dollar has gained ground, helped by a better-than-expected pace of US economic growth in the fourth quarter.

The dollar bought 119.82 yen early Friday, up from 119.63 yen in New York Friday afternoon and 119.17 yen in Tokyo earlier Friday.

The euro bought US$1.1167 and 133.83 yen, compared with US$1.1195 and 133.93 yen in US trade.

AFP