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Tokyo stocks open higher

Tokyo stocks open higher

Tokyo stocks opened higher Friday as Wall Street rebounded after a sharp fall in the US and the yen's recent rally took a breather.

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19.05.2017 12:04 PM

Tokyo stocks opened higher Friday as Wall Street rebounded after a sharp fall in the US and the yen's recent rally took a breather.

Wall Street investors scooped up shares in Apple, Amazon, Facebook and other sought-after equities on Thursday that were depressed after markets saw heavy selling the day before.

Stocks dropped Wednesday, as did the dollar, on increasing concerns that questions surrounding Donald Trump's presidency could endanger the future of his economic agenda, including a plan for broad tax cuts.

But bargain hunting Thursday helped lift the tech-rich Nasdaq index 0.7 percent, a bit more than the gain in the Dow and S&P 500.

In Tokyo, the benchmark Nikkei 225 gained 0.19 percent, or 36.93 points, to 19,590.79 in early trading. The Topix index of all first-section issues also rose, gaining 0.18 percent, or 2.85 points, to 1,557.86.

The dollar, meanwhile, was changing hands at 111.43 yen in early Asian trading, down from 111.51 yen in New York late Thursday.

The yen tends to be bought at times of market turmoil as a safe haven. But its strength is considered a negative factor for Japanese stocks as it can dent the overseas sales and earnings of the country's exporters.

"I have an impression that risk-off moves have stalled for the time being," Hideyuki Ishiguro, a senior strategist at Daiwa Securities, told Bloomberg News.

The Philadelphia Fed's better-than-expected business confidence data would also help boost Japanese shares, he added.

Takata shares surged 12.65 percent to 445 yen after four automakers, including Toyota and BMW, agreed Thursday to pay $553 million to settle a US lawsuit over the company's defective airbags blamed for 11 deaths in the United States alone.

Toyota was up 0.24 percent at 5,942 yen, while Honda was down 0.16 percent at 3,060 yen. 

Telecoms company SoftBank rose 0.70 percent to 8,362 yen, while game giant Nintendo gained 0.56 percent to 8,360 yen.
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