Tokyo stocks open higher ahead of earnings

Tokyo stocks open higher ahead of earnings

Tokyo stocks opened higher on Wednesday following modest declines on Wall Street as bargain-hunters moved in ahead of Japan’s corporate earnings season.

The benchmark Nikkei 225 index was up 0.44 percent or 124.23 points at 28,670.41 in early trade, while the broader Topix index advanced 0.46 percent or 8.41 points to 1,856.41.

“Japanese shares are seen higher starting as slight declines in the US market failed to prompt traders to sell” Tokyo stocks, Toshiyuki Kanayama, senior market analyst at Monex, said in a commentary.

Investors are bargain-hunting individual shares ahead of corporate earnings reports due in coming weeks, analysts said.

Among major shares in Tokyo, Panasonic was up 2.91 percent at 1,468 yen, industrial robot firm Fanuc was up 2.74 percent at 27,895 yen, and Olympus was up 0.95 percent at 2,018.5 yen.

The dollar fetched 103.60 yen in early Asian trade, against 103.61 yen

On Wall Street, the Dow ended down 0.1 percent at 30,937.04 as traders trod water while tracking developments on the coronavirus pandemic and the latest US stimulus plan.

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