TOKYO – Tokyo stocks opened higher today, tracking gains on Wall Street, where tech shares rallied as long-term yields sank.
The benchmark Nikkei 225 index was up 0.49%, or 139.06 points, at 28,503.67 in early trade, while the broader Topix index edged up 0.29%, or 5.52 points, to 1,918.56.
“The US market saw buy orders of tech shares following declines in long-term yields,” said Toshiyuki Kanayama, senior market analyst at Monex.
“Japanese shares are starting with gains following US rallies.”
Investors remain cautious about a potential tapering of US monetary easing, and are also bargain-hunting for shares sensitive to economic cycles, said analysts.
The dollar fetched ¥108.73 (RM4.14) in early Asian trade against ¥108.76 in New York late yesterday.
Wall Street stocks were back in rally mode overnight, embracing hopes for brighter days as the Covid-19 pandemic ebbs in the US.
High inflation readings, chaos in cryptocurrency markets and supply chain challenges as major economies reopen have stymied equities in recent weeks, but concerns about their effects on business took a back seat as this week’s trading got under way.
In Tokyo, Sony was up 0.71% at ¥10,585, Panasonic was up 2.45% at ¥1,211.5 and chip-testing equipment maker Advantest was up 1.92% at ¥9,550.
Uniqlo operator Fast Retailing was up 0.96% at ¥87,590 and Nippon Steel was up 0.52% at ¥2,126.5.
On Wall Street, the Dow ended up 0.5% at 34,393.98, the broad-based S&P closed up 1.0% and the tech-rich Nasdaq ended up 1.4%. – AFP, May 25, 2021
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