Tokyo stocks open higher as yen falls

Tokyo stocks open higher as yen falls
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Tokyo: Tokyo stocks opened higher on Friday as a cheaper yen gave a boost to exporters.

The benchmark Nikkei 225 index gained 0.24 percent or 55.26 points to 22,893.63 in early trade, while the broader Topix index was up 0.16 percent or 2.68 points, at 1,811.05.

“The dollar’s rise into the upper half of the 110 yen range gives a sense of relief” to investors, Okasan Online Securities chief strategist Yoshihiro Ito said in a commentary.

The dollar rose to 110.84 yen from 110.76 yen in New York Thursday afternoon and 110.28 yen in Tokyo earlier.

A lower yen is positive for Japanese exporters as it inflates their earnings when repatriated.

Investors were watching development in US-China trade talks under way in Washington.

Toshiba rose 0.33 percent to 304 yen after the embattled conglomerate announced it had received much-awaited approval from Chinese regulators to sell its prized chip unit to a consortium.

Many big exporters gained ground, with Nissan up 0.79 percent at 1,146 yen and Kyocera up 0.83 percent at 6,800 yen.

AFP