TOKYO (AFP) – Tokyo stocks opened 0.51 percent higher on Monday despite weakness on Wall Street last week, as the dollar continued its ascent against the yen.
The benchmark Nikkei 225 index opened up 69.4 points to 13,746.72 at the start.
“Rising confidence in the US economy and a normalisation of the interest rate differential effect on currencies should keep the dollar bullish, allowing for Japan stocks to continue to recover,” SMBC Nikko Securities general manager of equities Hiroichi Nishi told Dow Jones Newswires.
The Dow Jones Industrial Average tumbled 114.89 points (0.76 percent) to 14,909.60 on Friday.
Shortly before the opening bell, the Bank of Japan reported sentiment among Japanese manufacturers improved sharply in the quarter ended June.
Large manufacturers sentiment rose to “plus four” from “minus eight” in the previous quarter.