Tokyo stocks open higher as virus fears reduce

TOKYO:  Tokyo stocks opened higher on Wednesday as investors took heart from rallies on Wall Street and a cheaper yen, with fears slackening over an economic hit from the coronavirus outbreak.

The benchmark Nikkei 225 index rose 1.36 percent, or 313.64 points, to 23,398.23 in early trade, while the broader Topix index was up 1.25 percent, or 21.01 points, at 1,705.25.

Toshiyuki Kayanama, the senior market analyst at Monex, said subsequent rallies in US shares and a cheaper yen, Japanese shares are seen rising at a fast pace.

The Dollar fetched 109.39 Yen in early Asian trade, against 109.52 yen in New York and 108.83 yen in Tokyo on Tuesday.

In Tokyo, shares were generally higher, with Panasonic rallying 3.42 percent to 1,224 yen, market heavyweight and Uniqlo casual wear operator Fast Retailing trading up 0.55 percent at 58,080 yen, and Toyota gaining 0.84 percent to 7,703 yen.

Sony was up 1.30 percent at 7,800 yen after the electronics and game giant said it upgraded its full-year earnings forecast.

Takeda Pharmaceutical was up 3.60 percent at 4,380 yen after the firm said its net loss will be smaller than previously expected. On Wall Street, the Dow ended up 1.4 percent at 28,807.63.