Tokyo: Stocks open up 0.46%

[TOKYO] Tokyo stocks opened 0.46 per cent higher on Thursday after two days of losses, as the dollar rebounded against the yen.

The Nikkei 225 index rose 76.99 points to 16,872.95 at the start.

The Dow Jones Industrial Average sank 1.06 per cent on Wednesday, falling for the fourth straight day following a disappointing US retail sales report and a weak global economic forecast from the World Bank.

The dollar bounced back after falling Wednesday on the weak retail sales data.

US oil prices also shot up more than five percent Wednesday in a move attributed to bargain-hunting after the contract sank to a new multi-year low the prior day.

The dollar was at 117.52 yen early Thursday, up from a low in New York of 116.08 on Wednesday.

The euro bought US$1.1785 and 138.28 yen Thursday against US$1.1782 and 138.30 yen in New York Wednesday afternoon.

AFP