– Tokyo shares opened higher Thursday as positive US data pushed the yen lower, lifting Japanese exporters.
The strong opening came after an advance on Wall Street Wednesday on news
of an unexpected pickup in services sector activity.
Tokyo’s benchmark Nikkei 225 index rose 0.56 percent, or 94.36 points, to 16,913.60 in the first minutes of trade, while the broader Topix index of all first-section issues gained 0.51 percent, or 6.94 points, to 1,354.75.
Investors viewed a strong Institute for Supply Management report on
Wednesday as more evidence the US Federal Reserve will hike interest rates this year.
The dollar has advanced, trading at 103.49 yen early Thursday against
the 102 range seen in Asia a day earlier.
“Data has been consistent with the Fed moving in December,” said
Chris Green, the Auckland-based director of economics and strategy at First NZ Capital Group Ltd.
“The rebound in crude oil adds to the positive backdrop for inflation and that could provide a rationale for the rates to move as well,” he told Bloomberg News.
In Tokyo stocks trade, shares in Fujitsu soared 8.04 percent to 581.5 yen as the Japanese IT conglomerate said it was exploring a range of options to restructure its troubled personal computer business, including a possible merger with China’s Lenovo Group.
APP/AFP/gar