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Tokyo stocks open higher on US rallies, cheaper yenBusiness

Japanese 10,000 yen and U.S. 100 dollar banknotes are organized for a picture in Tokyo, Japan, on Sept. 7, 2017. Tomohiro Ohsumi|Bloomberg|Getty Image

Tokyo stocks opened higher on Wednesday as investors took heart from a strong proving on Wall Street and a cheaper yen versus the dollar.

The benchmark Nikkei 225 index was up 1.38 percent or 308.50 points at 22,634.11 in early trade, while the broader Topix index climbed 1.12 percent or 17.74 indicate 1,605.42.

“A cheaper yen against the dollar is a tailwind for Japanese shares, supporting exporters,” said Okasan Online Securities.

“Expectations for additional alleviating by the European Central Bank is growing” ahead of their meeting in Frankfurt on Thursday, which is likewise offering the Tokyo market some momentum, the experts added.

Financial experts anticipate the ECB to announce hundreds of billions of euros in brand-new bond-buying to keep fighting the pandemic crisis.

The dollar fetched 108.81 yen in early Asian trade, against 108.69 yen in New York, and 107.70 in Asian afternoon trade on Wednesday.

In Tokyo, significant shares were greater throughout the board, with Uniqlo sportswear operator Quick Selling climbing 3.50 percent to 63,910 yen, Sony trading up 1.58 percent at 7,246 yen and Toyota more powerful by 1.96 percent at 6,907 yen.

On Wall Street, the Dow ended up 1.1 percent at 25,742.65.

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