Tokyo stocks ended lower on July 11 as worries about a trade war resurfaced after the United States announced a new list of Chinese export goods subject to tariffs. / AFP / Kazuhiro Nogi/
TOKYO, Japan (AFP) — Tokyo stocks opened higher on Thursday, partly supported by a cheaper yen against the dollar.
The benchmark Nikkei 225 index advanced 0.40 percent, or 88,54 points, to 22,020.75 in early trade, while the broader Topix index was up 0.32 percent, or 5.46 points, at 1,707.34.
The dollar fetched 112.06 yen in early Asian trade, against 112.03 yen in New York and 111.05 yen in Tokyo on Wednesday.
“Japanese shares are seen supported by a cheaper yen against the dollar in early trade despite falls in US shares,” Okasan Online Securities said in a commentary.
“However, the upside will be limited with some waiting for China’s next move on the US-China trade war,” it added.
President Donald Trump’s administration late Tuesday launched the process to impose fresh tariffs on another $200 billion in Chinese goods, an escalation only days after tit-for-tat duties on $34 billion in goods came into effect.
Beijing vowed to retaliate against the latest move, calling the US action “totally unacceptable.”
The development sent the global stocks tumbling on Wednesday, and on Wall Street the Dow dropped 0.9 percent to close the day at 24,700.45.
In Tokyo, Sony rose 2.10 percent to 5,864 yen and Panasonic edged up 0.42 percent to 1,404.5 yen.
Market heavyweight Fast Retailing, the operator of Uniqlo casual wear, rose 1.01 percent to 47,900 yen.
© Agence France-Presse