TOKYO – Tokyo stocks opened higher today as investors seek fresh cues while keeping an eye on rising Covid-19 cases just 2½ weeks before Japan hosts the Olympics.
The Nikkei 225 index added 0.36%, or 101.86 points, to 28,700.05, while the broader Topix index rose 0.26%, or 5.11 points, to 1,954.10.
“The market could easily be dominated by a wait-and-see mood, with the US market on holiday and an appreciating yen weighing on the market,” said Okasan Online Securities.
“Tokyo shares are likely to stay within the current range.”
The positive start to Tokyo trading comes after European shares enjoyed broad gains overnight.
But, investors may have to wait until the US market reopens later today after the Independence Day holiday to gauge the direction going forward, said Okasan.
Before making active bets, investors in Tokyo will also want to see the minutes from the Federal Open Market Committee meeting held last month that will be released tomorrow, said analysts.
The market is also focused on whether the Japanese government will extend current virus restrictions for the greater Tokyo area, due to expire this weekend.
The region is seeing an upswing in new infections, with the Olympics set to begin on July 23.
The dollar stood at ¥110.87 (RM4.16) compared with ¥110.92 in London overnight.
Among major shares, Sony Group added 0.58% to ¥11,305, Uniqlo operator Fast Retailing surged 0.67% to ¥82,050, SoftBank Group added 1.50% to ¥7,502 and Nintendo added 0.92% to ¥65,750.
Toyota gave up early gains and dipped 0.12% to 9,760. – AFP, July 6, 2021
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