Tokyo stocks rose Monday morning, boosted by exporter shares on a weaker yen, with the U.S. dollar climbing on prospects of higher inflation amid the escalating conflict between Israel and Iran.
The 225-issue Nikkei Stock Average gained 359.14 points, or 0.95 percent, from Friday to 38,193.39. The broader Topix index was up 15.34 points, or 0.56 percent, at 2,771.81.
The dollar briefly strengthened to the upper 144 yen range in Tokyo on the back of higher U.S. Treasury yields amid expectations that surging crude oil prices would accelerate inflation in the United States, dealers said.
At noon, the dollar fetched 144.41-42 yen compared with 144.05-15 yen in New York and 143.79-80 yen in Tokyo at 5 p.m. Friday.
The euro was quoted at $1.1529-1531 and 166.49-53 yen against $1.1545-1555 and 166.16-26 yen in New York and $1.1534-1536 and 165.85-89 yen in Tokyo late Friday afternoon.
Stocks were lifted by export-oriented auto and electronics issues, as the yen's depreciation increases the overseas profits of exporters when repatriated, while the impact of the Middle East conflict on the Japanese market was viewed as limited, brokers said.
Marine transportation shares attracted buying on speculation about higher freight costs as a result of shipping companies being forced to use alternative routes amid the heightened tensions in the Middle East.
Nippon Steel, meanwhile, ended the morning up 3.0 percent at 2,915 yen after U.S. President Donald Trump on Friday effectively approved a deal for the company to acquire United States Steel Corp.
0 Komentar