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Tokyo: Stocks open higher with eyes on earnings

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[TOKYO] Tokyo stocks opened higher on Tuesday as the yen's rise peaked, with investor focus shifting to corporate earnings reports over the coming weeks.

The benchmark Nikkei 225 index gained 0.64 per cent, or 144.39 points, to 22,541.38 in early trade, while the broader Topix index was up 0.58 per cent, or 10.07 points, at 1,748.77.

"As the yen's rise (against the dollar) peaked, buying back is seen dominating early trade," Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.

"Individual shares of companies expected to have positive corporate earnings will get attention" from investors, he said.

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The dollar traded at 111.33 yen in early Asian trade, down slightly from 111.46 yen in New York but up from 110.97 yen in Tokyo Monday afternoon.

Mitsubishi Motors was 2.45 per cent higher at 919 yen ahead of its earnings report for the first quarter to June due later on Tuesday.

Banks were higher after US bond yields rose, with Sumitomo Mitsui Financial trading up 1.21 per cent at 4,510 yen and Mitsubishi UFJ Financial 0.61 per cent higher at 690.9 yen.

On Wall Street, the Dow closed down 0.1 per cent at 25,044.29.

AFP