Tokyo stocks open 1.28 percent higher | Inquirer Business

Tokyo stocks open 1.28 percent higher

/ 10:54 AM October 11, 2013

TOKYO–Tokyo stocks opened 1.28 percent higher on Friday after Wall Street rallied on hopes that Washington might make progress in breaking its on-going budget impasse.

The Nikkei 225 stock index was up 182.18 points to 14,376.89 at the start after US stocks and the dollar rose overnight.

US stocks surged Thursday on progress toward a potential deal in Washington to prevent a debt default, recovering a hefty portion of their losses since the partial government shutdown began.


The Dow Jones Industrial Average soared 2.18 percent, or 323.09 to 15,126.07, just below its level on the eve of the October 1 shutdown.


The dollar was at 98.31 yen in early Friday, up from 97.91 yen in New York late Tuesday.

The euro bought $1.3520 and 132.96 yen against $1.3526 and 132.58 yen.

“The ongoing US fiscal impasse and possibly low trade volume ahead of the long weekend will weigh on the Nikkei but a firmer dollar and good supply-and-demand conditions will support the market,” said Hiroichi Nishi, general manager of equities at SMBC Nikko Securities.

Financial markets in Japan will be closed next Monday for a public holiday.

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TAGS: business and finance, economy, Nikkei, Stock Activity, Stock Market, Tokyo, US stocks, Wall Street

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