Friday saw a rise in Tokyo stocks as US tech shares increased and the yen declined vs the dollar.
In early trading, the benchmark Nikkei 225 index was up 0.65%, or 257.37 points, at 39,700.00, while the Topix index as a whole gained 0.50 percent, or 13.77 points, to 2,760.73. Toshiyuki Kanayama, the senior market analyst at Monex, stated, “Rallying US tech shares is expected to lead the Japanese market to start with gains.”
In early Asian trade, the dollar was valued at 153.13 yen, compared to 153.25 yen in New York. The dollar previously fell to 153.33 yen, a 34-year low for the Japanese currency, on forecasts that exceeded Expectations of a US Federal Reserve interest rate drop in June were severely damaged by US inflation.
The tech-heavy Nasdaq Composite increased 1.7% overnight, while the broad-based S&P 500 gained 0.7% and the blue-chip Dow finished flat.
Fast Retailing’s operational earnings for the second quarter fell short of analyst projections, causing a 4.06 percent decline in value to 42,310 yen in Tokyo. Following the announcement that it will be investing an additional $1.2 billion in a planned biotech factory in North Carolina, Fujifilm saw a 2.64 percent increase in stock price at 3,462 yen.
Real estate companies saw gains: Sumitomo Realty & Development gained 6.04 percent to 5,947 yen, and Mitsui Fudosan gained 6.53 percent to 1,655 yen. At 13,050 yen, Sony Group was up 1.52 percent. Advantest, a manufacturer of chip testing equipment, was up 0.89 percent at 6,018 yen.
