Industry

Tokyo stocks open higher, extending US rallies

Tokyo stocks opened higher on Monday as

investors took heart from US rallies and digested the Bank of Japan’s key

business confidence survey.

The benchmark Nikkei 225 index was up 1.09 percent or 309.51 points at

28,747.28 in early trade, while the broader Topix index advanced 0.89 percent

or 17.50 points to 1,992.98. Japanese shares were supported by rallies on

Wall Street while “the market is looking at the Bank of Japan’s Tankan”

quarterly business survey, released 10 minutes before the opening bell,

senior market analyst Toshiyuki Kanayama of Monex said.

The latest Tankan survey showed Japan’s major manufacturers remain

cautious about the economy’s trajectory, with business sentiment flat for the

quarter as concerns about the pandemic linger.

Some investors may take a wait-and-see attitude ahead of the Federal

Reserve’s meeting later this week, analysts added.

The dollar fetched 113.49 yen in early Asian trade, against 113.37 yen in

New York on Friday.

Among major shares, Honda was up 0.69 percent at 3,207 yen after a

Japanese brokerage revised up its evaluation of the shares.

Its bigger rival Toyota slipped 1.10 percent to 2,029.5 yen after saying

it will halt some output at four factories in Japan due to a parts shortage,

and announcing a briefing on its battery EV strategy on Tuesday, reports

said.

Sony was up 1.33 percent at 14,055 yen, and IT firm Fujitsu was up 2.04

percent at 20,020 yen.

Online brokerage SBI Holdings was up 1.07 percent at 3,030 yen, while

Shinsei Bank dropped 4.28 percent to 1,970 yen after the pair said in

separate statements that SBI Holdings had obtained enough shares in its

tender offer to give it effective control of Shinsei Bank.

Source: Bangladesh Sangbad Sangstha (BSS)