TOKYO, Oct 8 ― Tokyo stocks opened higher today, tracking rebounds on Wall Street after US President Donald Trump appeared to reverse his decision to put off new stimulus until after the November 3 election.
The benchmark Nikkei 225 index was up 0.33 per cent or 77.84 points at 23,500.66 in early trade, while the broader Topix index gained 0.24 per cent or 3.89 points to 1,650.36.
“Japanese shares are seen in positive territory on continued expectations for additional stimulus in the US,” Okasan Online Securities said in a commentary, adding investors were also eyeing the US vice-presidential debate.
The cheaper yen against the dollar also supported the market, analysts said.
The dollar fetched ¥106.02 (RM4.15) in early Asian trade, against ¥105.96 in New York late yesterday.
US stocks rebounded yesterday after Trump appeared to partially reverse his decision to end talks on a fiscal package, and called for stimulus payments.
Wall Street's main indices had fallen sharply on Tuesday ― also sending Japanese shares lower ― after Trump abruptly halted talks with Democrats on another stimulus package as the US economic recovery loses steam.
But late Tuesday, Trump called for Congress to “immediately” pass legislation to extend aid for airline workers and small businesses. Trump also said he would back another round of US$1,200 stimulus payments for workers.
In Tokyo, chip-testing equipment maker Advantest was up 1.72 per cent at ¥5,300 and chip-making equipment manufacturer Tokyo Electron was up 0.81 per cent at ¥27,785.
Some other electronics were higher, with Olympus trading up 2.30 per cent at ¥2,219 and Canon up 0.20 per cent at ¥1,752.5.
ANA Holdings was down 1.55 per cent at ¥2,441.5 after a report said it plans to slash salaries for all employees by 30 per cent. Its rival Japan Airlines was down 0.53 per cent at ¥2,008.
On Wall Street, the Dow ended up 1.9 per cent at 28,303.46. ― AFP
Source: Malay Mail
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