TOKYO – Tokyo stocks opened higher today, extending rallies on Wall Street, which shrugged off three days of slides as markets grapple with the risk of increasing inflation and shifting monetary policy.
The benchmark Nikkei 225 index gained 0.54%, or 152.57 points, to 28,250.82 in early trade, while the broader Topix index was up 0.21%, or 4.02 points, at 1,899.94.
A rebound for bitcoin, as well as improved United States labour market data, “helped rally US shares”, which gave heart to investors in the Japanese market, said Toshiyuki Kanayama, senior market analyst at Monex.
The dollar fetched ¥108.82 (RM4.15) in early Asian trade against ¥108.80 in New York late yesterday.
In Tokyo, chip-linked shares are higher, with chip-testing equipment maker Advantest trading up 1.06% at ¥9,560 and chip-testing equipment manufacturer Tokyo Electron up 1.05% at ¥46,350.
Among other shares, IT company Fujitsu was trading up 1.18% at ¥17,945 and Olympus was up 2.82% at ¥2,259.5.
Japan’s core consumer price index, which excludes fresh food, was down 0.1% year-on-year last month, against market expectations for a 0.2% decline, according to data released by the Internal Affairs Ministry.
The data did not prompt strong reaction from the market.
On Wall Street, the Dow ended up 0.6% at 34,084.15. – AFP, May 21, 2021
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