TOKYO, Oct 20 — Tokyo stocks opened higher today, extending US rallies supported by buoyant corporate earnings, with a cheaper yen also helping boost Japanese shares.
The benchmark Nikkei 225 index was up 0.63 per cent or 184.51 points at 29,400.03 in early trade, while the broader Topix index advanced 0.54 per cent or 11.01 points to 2,037.58. Tokyo investors are “exploring how much share prices will be able to rise, while taking heart from rallies in US stocks,” senior strategist Yoshihiro Ito of Okasan Online Securities said.Among major shares in Tokyo, some electronics firms were trading higher, with Panasonic gaining 1.2 per cent to ¥1,413, TDK rallying 2.45 per cent to ¥3,970 and Sharp trading up 1.31 per cent at ¥1,289.
But automakers were underperforming on key indexes as official trade balance data released today showed Japan’s automobile exports in September dropped 40.3 per cent.Overall, Japan booked a trade deficit of ¥622.8 billion in September, a second consecutive monthly deficit against market expectations of a ¥530.4 billion deficit, according to government data released before the opening bell.
Among other shares, Japan Airlines was down 1.84 per cent at ¥2,393 and shipping firm Mitsui OSK Lines was off 2.48 per cent at ¥6,680, after oil extended its rally in New York, with US benchmark West Texas Intermediate hitting a fresh seven-year high.
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