Tokyo stocks open higher extending Wall Street rallies

TOKYO, May 27 ― Tokyo stocks opened higher today as investors took heart from Wall Street rallies.

“Japanese shares are starting with gains following US rallies,” which were partly supported by brisk retail sector earnings reports, said senior market analyst Toshiyuki Kanayama of Monex said in a note. However, “the run of negative US economic news seems to be taking the sting out of fears the Federal Reserve will be forced to hike aggressively”, Stephen Innes, managing partner of SPI Asset Management, said in a commentary.In Tokyo, Daiichi-Sankyo edged up 0.26 per cent to ¥3,471 after it said it will proceed with a phase 3 trial of its Covid vaccine during the first quarter of this fiscal year.

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