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Tokyo stocks open higher as weaker yen lifts automakers
MAINICHI
| Kemarin, 09:53
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TOKYO (Kyodo) -- Tokyo stocks opened higher Friday, supported by buying of export-focused auto issues on a weaker yen.
In the first 15 minutes of trading, the 225-issue Nikkei Stock Average rose 205.18 points, or 0.52 percent, from Thursday to 39,773.24. The broader Topix index was up 16.41 points, or 0.59 percent, at 2,783.19.
On the top-tier Prime Market, gainers were led by transportation equipment, nonferrous metal and wholesale trade issues.
On the currency market, the U.S. dollar hit a five-month high of 158.09 yen in New York amid speculation that the pace of interest rate cuts in the United States will be slow due to a solid economy.
At 9 a.m., the dollar fetched 157.76-77 yen compared with 157.97-158.07 yen in New York and 157.35-37 yen in Tokyo at 5 p.m. Thursday.
The euro was quoted at $1.0420-0423 and 164.39-44 yen against $1.0417-0427 and 164.64-74 yen in New York and $1.0396-0398 and 163.59-63 yen in Tokyo late Thursday afternoon.
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