Tokyo stocks opened lower but rebounded quickly Monday, shrugging off a relatively higher yen after modest gains on Wall Street
Tokyo, (UrduPoint / Pakistan Point News – 20th Nov, 2023) Tokyo stocks opened lower but rebounded quickly Monday, shrugging off a relatively higher yen after modest gains on Wall Street.
The benchmark Nikkei 225 index was up 0.52 percent, or 173.56 points, at 33,758.76 in early trade, while the broader Topix index added 0.33 percent, or 7.90 points, to 2,398.95.
The Japanese market opened with slight losses “as a relatively higher yen against the dollar is weighing on the market”, Shutaro Yasuda of Tokai Tokyo Research Institute said.
But the indexes rebounded to positive territory as investors “liked a lull in rise in US 10-year Treasury yields,” Mizuho Securities said.
The dollar fetched 149.83 yen in early Asian trade, against 149.64 yen in New York late Friday.
Wall Street stocks concluded a positive last week on a benign note, with the Dow edging up less than 0.
1 percent, and the broad-based S&P and the tech-rich Nasdaq both adding 0.1 percent.
This week should be “very quiet” with the Thanksgiving holiday on Thursday 23 November in the United States, National Australia Bank senior analyst Tapas Strickland said.
Among major shares in Tokyo, SoftBank Group was up 2.24 percent at 6,209 yen, Shiseido was up 2.00 percent at 4,340 yen, and IT and electronics firm NEC was up 1.79 percent at 8,320 yen.
Shipping firm Nippon Yusen was down 0.95 percent at 3,762 after the company confirmed a car carrier it operates was seized in the Red Sea.
The confirmation came after Yemen’s Iran-backed Huthi rebels said on Sunday they had seized an Israeli ship in the Red Sea, a claim immediately denied by Israel.
Toyota was down 1.49 percent at 2,849.5 yen. Sony Group was down 0.57 percent at 13,010 yen.