Tokyo stocks open higher tracking US gains

Tokyo stocks open higher tracking US gains

Tokyo stocks open higher tracking US gains
Tokyo stocks open higher tracking US gains

Tokyo stocks opened higher on Friday, extending rallies on Wall Street ahead of US jobs data due later in the day.

The benchmark Nikkei 225 index was up 0.92 percent, or 251.42 points, at 27,665.30 in early trade, while the broader Topix index advanced 0.60 percent, or 11.52 points, to 1,937.91.

Friday is “a positive day for risk sentiment ahead of US payrolls tonight on no new news,” said Tapas Strickland, senior economist at National Australia Bank, noting that US equities were up and Treasury yields were stable.

Wall Street stocks rallied after two negative sessions ahead of key jobs data, as markets fixate on the implications for inflation and monetary policy.

Payroll services firm ADP said private employment rose by 128,000 positions last month, far less than economists expected and well below April’s total.

While the ADP data is not necessarily a harbinger of Friday’s US government jobs report, some market watchers think it could show weakening hiring and less wage pressure.

The dollar fetched 130.00 yen in Asia, against 129.85 yen in New York late Thursday.

Toshiba was down 0.84 percent at 5,872 yen after saying it has received eight non-binding takeover offers, as well as two offers of capital and commercial alliances, without naming who the proposals were from or their amounts.

Fast Retailing rallied 4.08 percent to 65,730 after it said domestic Uniqlo same-store sales for May, including online sales, surged 17.5 percent on-year.

Sony Group was up 1.67 percent at 12,175 yen and Panasonic was up 1.18 percent at 1,201.5 yen. SoftBank Group was up 2.72 percent at 5,446 yen.

But some automakers were lower, with Toyota trading down 1.37 percent at 2,163 yen and Honda off 0.84 percent at 3,304 yen.

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