Tokyo stocks opened higher on Friday, tracking gains on Wall Street as the yen remained cheaper against the dollar, and a large upward revision to Japan’s latest growth figures boosted the market.
The benchmark Nikkei 225 index rose 0.73 percent, or 163.85 points, to 22,661.88 in early trade, while the broader Topix index was up 0.37 percent, or 6.64 points, at 1,792.89., reports BSS
Ten minutes before the opening bell, official data showed that Japan’s third-quarter gross domestic product (GDP) grew 0.6 percent from the previous quarter, expanding twice as fast as previously estimated.
The dollar fetched 113.10 yen in early Asian trade, against 113.09 yen in New York late Thursday and 112.51 yen in Tokyo Thursday afternoon.
The news that the US Treasury on Friday will take measures to prevent a government default “is also seen a favorable factor, as well as this morning’s revised GDP figure,” Hiroaki Hiwata, strategist at Toyo Securities, told AFP.
“The cheaper yen against the dollar is supporting exporters,” he added.
Sony was among the winners, trading up 0.46 percent at 5,143 yen, and game giant Nintendo was up 0.78 percent at 44,830 yen. Leading electronic components supplier Kyocera was up 2.63 percent at 7,782 yen.
