Business News

TOKYO, (MILLAT+APP/AFP): Tokyo stocks rose Thursday morning after a
record close on Wall Street and with exporters buoyed by a sharp drop in the yen.
Returning from a public holiday, Tokyo traders picked up a positive
lead from New York where the Dow and S&P 500 finished at record levels for the third straight session.
The dollar’s surge past 112 yen on Wednesday in New York was driven
by growing expectations that higher fiscal spending under Donald Trump’s administration will lead to further US interest rate hikes.
Upbeat data on US durable goods orders released Wednesday also fuelled anticipation for higher borrowing costs.
“Expectations for new economic policies from Trump are strong and when on top of this comes a piece of positive data, investors will be inclined to make a move,” Mitsushige Akino, an executive officer at Ichiyoshi Investment Management Co, told Bloomberg News.
Tokyo’s benchmark Nikkei 225 index added 0.97 percent, or 175.91 points, to 18,338.85 by the break after five days of gains.
The Topix index of all first-section issues gained 0.80 percent, or 11.64 points, to 1,459.14.
Toyota jumped 3.37 percent to 6,499 yen, tyre maker Bridgestone climbed 2.31 percent to 4,323 yen and Nintendo added 1.50 percent to 28,275 yen.
Market heavyweight Fast Retailing, operator of the Uniqlo clothing chain, rose 2.94 percent to 41,550 yen.