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Tokyo: Stocks open 0.65% higher


[TOKYO] Tokyo stocks opened 0.65 per cent higher on Wednesday after a fresh record close on Wall Street and the yen's drop against other major currencies.

The Nikkei 225 index at the Tokyo Stock Exchange rose 116.89 points to 18,103.98.

US stocks Tuesday shrugged off the latest stumble in Greek debt talks as the S&P 500 edged to a new closing high.

The S&P 500 gained 3.35 points, or 0.16 per cent, to 2,100.34, posting the second straight record for the broad-based index.

The blue-chip Dow Jones Industrial Average also rose 0.16 per cent, while the tech-rich Nasdaq Composite Index added 0.11 per cent.

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The latest round of talks between Greece and the eurozone over restructuring its bailout ended abruptly Monday without agreement.

However, news later that Greece might be amenable to a compromise extension of its current bailout package helped the market gain ground.

The euro held firm early Wednesday after rallying the previous day.

The single currency bought US$1.1400 and 135.85 yen, slightly down from US$1.1413 and 136.13 yen in New York Tuesday afternoon but well above US$1.1357 and 134.70 yen quoted in Tokyo earlier Tuesday.

The dollar fetched 119.16 yen from 119.29 yen in New York and 118.55 yen in Tokyo on Tuesday.

A lower yen is positive for Japanese exporters as it increases profits when repatriated.

Later Wednesday the Bank of Japan is to wrap up a two-day policy meeting, with most investors expecting it to hold off further easing measures.


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