TOKYO – Tokyo stocks opened marginally higher before slipping into negative territory today, with investors watching details of incoming United States president Joe Biden’s plan for new stimulus.
The benchmark Nikkei 225 index gained 0.24%, or 69.83 points, to 28,768.09 in early trade, while the broader Topix index was up 0.13%, or 2.36 points, at 1,875.64.
“The Japanese market is seen keeping a positive note from the previous session following modest falls on Wall Street, but profit-taking could weigh on share prices,” said Toshiyuki Kanayama, a senior market analyst at Monex, in a note.
And, the markets wobbled into negative territory about 30 minutes after the opening bell, with the Nikkei trading down 0.11%.
The dollar fetched ¥103.77 (RM4.04) against ¥103.74 in New York late yesterday.
Shortly after US markets closed, details emerged of the Biden plan, which proposes US$1.9 trillion (RM7.67 trillion) to revitalise the US economy as it faces an onslaught of coronavirus cases.
US indices finished lower following a choppy session. Still, equity markets remain near all-time highs as investors look ahead to a better 2021 economy thanks to Covid-19 vaccines.
In Tokyo, Canon rallied 5.83% to ¥2,195.5 after it revised up forecasts for full-year operating profits.
Uniqlo casual wear operator Fast Retailing was down 1.72% at ¥92,050 on profit-taking after it reported a 23% jump in operating profits for the September-November quarter.
On Wall Street, the Dow ended down 0.2% at 30,991.52. – AFP, January 15, 2021
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