Tokyo stocks open higher after Europe markets rally

Tokyo stocks open higher after Europe markets rally

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Tokyo: Encouraged by the rise in major European markets and the closure of the US market due to the Labor Day holiday, the Tokyo stock market opened higher on Tuesday.

The benchmark Nikkei 225 index rose 0.33% or 75.62 points to 23,165.57 in early trading, while the broader Topix index rose 0.16% or 2.60 points to 1,612.34.

Monex senior market analyst Toshiyuki Kanayama said in a comment: “The Japanese stock market is supported by the rise of major European stock markets.”

When the US market is closed that day, some investors may adopt a wait-and-see attitude.

Mizuho Securities said in a report that traders are also watching the start of the race to determine the next prime minister of Japan through the election of the ruling Liberal Democratic Party leader.

Three candidates may formally sign up for the election, and Shinzo Abe’s right-hand man Yoshihide Suga is expected to win.

The price of the US dollar in Asian trade is 106.28 yen, while in London it is 106.27 yen.

In Tokyo, Uniqlo casual wear operator Fast Retailing rose 1.39% to 66,990 yen, industrial robot manufacturer Fanuc rose 2.20% to 21,095 yen, and chip manufacturing equipment maker Tokyo Electron fell 1.04% to 26,125 yen.

The Cabinet Office of Japan stated 10 minutes before the opening of the market that the Japanese economy shrank by 7.9% from the previous quarter from April to June, exceeding the initial 7.8% in preliminary data.

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