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Tokyo: Stocks open up 0.73% after Fed meet


[TOKYO] Tokyo stocks opened 0.73 per cent higher on Thursday, taking a positive lead from Wall Street and a stable dollar, but Panasonic shares dived as its operating profit fell in the latest quarter.

The Nikkei 225 index at the Tokyo Stock Exchange gained 147.70 points to 20,450.61 at the start.

The higher opening also came after official data showed Japan's factory output expanded a better-than-expected 0.8 per cent month-on-month in June.

Nintendo shares soared 7.32 per cent to 22,000 yen as the videogame giant swung to a US$67 million net profit in the three months to June, reversing a loss in the same period a year ago.

But Panasonic shares tumbled 7.35 per cent to 1,423.5 yen in the first few minutes of trading. The consumer electronics giant said after markets closed Wednesday that its April-June operating profit edged down seven percent.

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US stocks rose Wednesday after the Federal Reserve kept its benchmark interest rate at near-zero percent after a two-day policy meeting and gave no fresh clues on the timing of a long-awaited rate hike.

The Dow Jones Industrial Average was up 0.69 per cent while the broad-based S&P 500 gained 0.73 per cent.

The dollar held up in Thursday's Asian trading after the Fed's relatively upbeat view on the world's top economy.

The greenback fetched 123.97 yen early Thursday, compared with 123.91 yen in New York.

The euro bought US$1.0980 and 136.13 yen against US$1.0990 and 136.19 yen in US trade.


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