Tokyo stocks open higher extending US rallies
Tokyo stocks open higher extending US rallies

TOKYO: Tokyo stocks opened higher on Friday as investors took heart from rallies on Wall Street with focus shifting to corporate earnings and Japan's October 31 general election.

The benchmark Nikkei 225 index was up 0.81 percent or 230.22 points at 28,781.15 in early trade, while the broader Topix index advanced 0.89 percent or 17.75 points to 2,004.72.

"Following rallies in US shares, Japanese shares are seen rising in morning trade," but the trend could soon wane given the dearth of other market-moving events, Okasan Online Securities said.

Investor focus is moving towards earnings reports and the upcoming election, as well as fresh pandemic stimulus promised by new Prime Minister Fumio Kishida, it added.

The dollar fetched 113.87 yen in early Asian trade, against 113.67 yen in New York late Thursday.

In Tokyo, Sony was up 2.74 percent at 12,900 yen after Taiwan's TSMC, the world's largest contract microchip maker, unveiled plans to build a plant in Japan with reports saying Sony would be a partner in the project.

Fast Retailing, the operator of casualwear giant Uniqlo, was down 1.60 percent at 71,700 yen after it reported a record annual net profit and predicted an even better performance this year, but with its operating profit forecast missing market expectations.

On Wall Street, the benchmark Dow ended up 1.6 percent at 34,912.56 and both the S&P and the tech-rich Nasdaq closed up 1.7 percent.

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