TOKYO, Japan (AFP) — Tokyo stocks opened higher Thursday, helped by a tailwind from an upbeat Wall Street and a cheaper yen, as traders begin to factor in this weekend’s election in the world’s third-biggest economy.
The benchmark Nikkei 225 index rose 0.39 percent, or 82.33 points, to 21,445.38 in early trade, while the broader Topix index was up 0.30 percent, or 5.18 points, at 1,729.82.
The dollar was higher at 113.05 yen in early Asian trade, from 112.93 yen in New York late Wednesday.
“Japanese shares are set to rise for the 13th consecutive day encouraged by rallies in the US and a cheaper yen,” Okasan Online Security’s strategist Yoshihiro Ito said in a commentary.
Investors have also been encouraged by polls showing Prime Minister Shinzo Abe is heading for a clear victory in Sunday’s election, meaning a continuation of his “Abenomics” growth strategy.
Wall Street stocks barrelled to new records Wednesday, with the Dow closing above 23,000 for the first time. The US index finished up 0.7 percent at 23,157.60.
In Tokyo, Nintendo was up 1.00 percent at 43,350 yen and Nissan was up 0.73 percent at 1,095 yen, boosted by a cheaper yen.
Banks were also higher, with Mitsubishi UFJ Financial rising 1.21 percent to 734.7 yen and rival Sumitomo Mitsui Financial gaining 1.03 percent to 4,435 yen.
Kobe Steel was up 0.48 percent at 831 yen, shrugging off news late Wednesday that the EU aviation authorities had issued a recommendation not to use parts made by the Japanese steelmaker hit by a quality control scandal.
Panasonic was up 0.74 percent at 1,630 yen following a report that it plans to slash costs of its LCD TV production.
© Agence France-Presse
