TOKYO, Japan (AFP) — Tokyo stocks opened slightly lower Thursday but then moved into the green, supported by some sound corporate earnings and optimistic views on the global economy.
The Nikkei 225 gained 0.29 percent, or 62.34 points, to 21,769.96 in early trade, while the broader Topix index edged up 0.12 percent, or 2.17 points, to 1,753.60.
“Even though the 16 straight days of rallies of the Nikkei index stopped, there is no big change in the (positive) market environment,” said Okasan Online Securities in a commentary.
Falls in US stocks overnight likely encouraged profit-takers in early trade but they were quickly overwhelmed by more bullish investors, analysts said.
The dollar was changing hands at 113.67 yen in early Asian trade, down slightly from 113.78 yen in New York.
Manufacturing firm Fanuc surged 6.05 percent to 26,625 yen after it lifted its full-year operating profit target.
Fast Retailing was up 0.78 percent at 37,010 yen after a report that it will not sell its Uniqlo brand clothes through Amazon.com and will instead devise its own new online retail platform.
Kobe Steel slipped 0.33 percent to 906 yen after the Japanese credit rating firm JCR said it may cut the steelmaker’s credit rating if it sharply lowers its profit outlook.
Kobe Steel will likely disclose the result of its internal probe into the data falsifying problem later Thursday, according to Jiji Press.
In New York, the Dow Jones Industrial Average dropped 0.5 percent to 23,329.46, as investors sold shares in companies whose earnings underperformed expectations.
© Agence France-Presse