Tokyo stocks opened higher on Wednesday as exporters rose on a weaker yen and as energy stocks followed oil prices upward,with investors cheered by encouraging US economic data.
“We’re in for another bull market today, particularly with the yen trading around 109 to the dollar,” said Chihiro Ohta, a Tokyo-based senior strategist at SMBC Nikko Securities Inc.
“Both US retail sales and New York manufacturing numbers were strong, allowing the market to set its eyes on not only a December rate hike but fast-paced increases next year,” he told Bloomberg News.
The benchmark Nikkei 225 index went up 1.01 percent, or 178.52 points, to 17,846.67 in the first few minutes of trading while the broader Topix index of all first-section issues was up 1.07 percent, or 14.96 points, at 1,417.94, reports BSS.
In New York, the blue-chip Dow Jones Industrial Average gained 0.3 percent on Tuesday, closing higher for the seventh straight day and posting its fourth consecutive record finish.
The dollar was trading at 109.05 yen Wednesday against 109.16 in New York Tuesday afternoon. Toyota gained 0.84 percent to 6,115 yen and Sony firmed 0.43 percent to 3,217 yen.
Nintendo jumped 3.58 percent to 25,750 yen after the game giant said it will release its highly-anticipated Super Mario Run for Apple’s iPhone on December 15.
Higher oil prices pushed up energy stocks. Oil explorer Inpex was up 3.59 to 1,051.5 yen and Japan Petroleum rose 2.54 percent to 2,338 yen.
