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Tokyo: Stocks open higher on cheaper yen

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[TOKYO] Tokyo stocks opened higher on Wednesday helped by a cheaper yen and a rebound in European bourses after two days of declines amid lingering concerns over trade conflicts.

The benchmark Nikkei 225 index rose 0.87 per cent, or 183.06 points to 21,331.08 in early trade, while the broader Topix index was up 0.82 per cent or 12.88 points at 1,588.19.

"The Tokyo market is seen rebounding from recent drops thanks to a tailwind from rallies in European bourses and a halt in the appreciation of the yen" against the US dollar, Okasan Online Securities said in a commentary.

Concerns over trade conflicts and Brexit as well as technical factors linked to the settlement of futures index trade "may prompt volatile stock movement" on Wednesday, it added.

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The US dollar fetched at 113.35 yen in early Asian trade, little changed from 113.40 yen in New York but up slightly from 113.10 yen in Tokyo late Tuesday.

In Tokyo, automakers were higher with Toyota advancing 1.21 per cent to 6,827 yen and Honda up 1.62 per cent at 3,070 yen.

Nissan rebounded 1.48 per cent to 929.3 yen in early trade, after tumbling 3.1 per cent on Tuesday and 2.9 per cent on Monday after ousted chairman Carlos Ghosn was charged and faced new allegations of alleged financial misconduct.

Sony jumped 2.68 per cent to 5,888 yen and Panasonic was up 2.95 per cent at 1,081.5 yen.

In New York, US stocks were mixed with the Dow closing down 0.2 per cent at 24,370.24, but the tech-rich Nasdaq closing up 0.2 per cent.

AFP