Tokyo shares open 1.18 percent higher


09:41 AM July 5th, 2013

July 5th, 2013 09:41 AM


TOKYO–Japanese shares opened 1.18 percent higher on Friday following a rally on European markets after the eurozone and British central banks signalled that easy-money policies will remain in place.

The Nikkei index at the Tokyo Stock Exchange rose 165.90 points to 14,184.83 in the first minutes of trading after sharp gains in London, Frankfurt and Paris.

Analysts expect relatively quiet pre-weekend trading in Tokyo after US markets were closed on Thursday for the July 4 Independence Day holiday.

“Activity will likely be subdued on the back of the US holiday and the upcoming weekend, but sharply higher European bourses at least provide a minor trading cue,” SMBC Nikko Securities general manager of equities Hiroichi Nishi told Dow Jones Newswires.

The European Central Bank’s decision-making governing council “expects the key ECB interest rates to remain at present or lower levels for an extended period of time,” ECB chief Mario Draghi said.

The Bank of England also held its main interest rate steady and held to the amount of its stimulus measures at the first meeting headed by new governor, Canadian Mark Carney.

The dollar stood at 100.24 yen, compared with 99.71 yen in London Thursday.

The euro bought $1.2889 and 129.24 yen, off from $1.2922 and 129.62 yen in London.

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