Japan: Tokyo shares opened higher on Tuesday, with investors bargain hunting after recent losses spa
Japan: Tokyo shares opened higher on Tuesday, with investors bargain hunting after recent losses sparked by wide-ranging concerns including the US-China trade war.
While Wall Street issues slipped overnight, the slowing speed of the fall and relative calm on the forex market comforted investors, Okasan Online Securities said in a note.
Market participants were also eager to buy shares after sharp losses in recent days, it added.
The Nikkei 225 index rose 0.21 percent or 47.39 points to 22,318.69 in early trade, while the broader Topix index edged up 0.09 percent or 1.56 points at 1,677.00.
The Tokyo market had been expected to open softer, under pressure from losses in the US, Okasan said.
“A technical rebound is likely to follow after a sharp fall yesterday,” the brokerage said, referring to the Nikkei’s 1.87 percent drop.
“The market is in rebound mode. With the forex market staying calm, selective buying came in to pick up bargains,” it added.
The dollar stood at 111.84 yen, slightly up from 111.79 yen in New York on Monday afternoon.
Among major shares, SoftBank added 2.96 percent to 9,525 yen. Toyota rose 0.70 percent 6,495 yen.
Sony edged up 0.06 percent to 6,222 yen.