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Tokyo stocks open higher on ECB stimulus, cheaper yen

Tokyo stocks open higher on ECB stimulus, cheaper yen

Japan : Tokyo stocks opened higher on Friday as investors cheered a massive stimulus programme from the European central bank that eased worries over the global economy, as well as a cheaper yen.

The benchmark Nikkei 225 index was up 0.59 percent or 128.72 points at 21,888.33 in early trade, while the broader Topix index gained 0.26 percent or 4.12 points to 1,599.22.

“Relief after the ECB board meeting, as well as an expectation of progress in the US-China trade talks, are prompting a strong start in the market,” Okasan Online Securities said in a commentary.

A cheaper yen against the dollar was also supporting the market but profit-taking may emerge later ahead of a three-day weekend, it added.

The dollar fetched 108.13 yen in early Asian trade, against 108.11 yen in New York and 107.98 yen in Tokyo on Thursday.

Shipping firms were higher, with Mitsui O.S.K. Lines trading up 0.48 percent at 2,930 yen and Nippon Yusen up 0.81 percent at 1,848 yen.

Pharmaceuticals were also higher, with Takeda higher by 0.48 percent at 3,737 yen and Daiichi Sankyo climbing 0.51 percent to 6,961.

In New York, the Dow ended up 0.2 percent at 27,182.45.

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