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Tokyo stocks start 0.68pc higher, Nikkei 225 gains 128.47pts

Tokyo stocks start 0.68pc higher, Nikkei 225 gains 128.47pts

TOKYO: Tokyo stocks have opened 0.68 per cent higher, breaching the 19,000 level, following a rally on Wall Street.

The Nikkei 225 index at the Tokyo Stock Exchange gained 128.47 points to 19,119.58 at the start on Friday.

Wall Street stocks on Thursday snapped a two-day losing streak, surging after big US banks cleared Federal Reserve stress tests and the dollar retreated from a 12-year high.

The Dow Jones Industrial Average surged 1.47 per cent to 17,895.22, while the broad-based S&P 500 jumped 1.26 per cent to 2,065.95.

Dow members JPMorgan Chase and Goldman Sachs and other large banks rose strongly after the Fed’s stress-test review gave the green light for dividend increases and share repurchases.

A weak yen also supported the early gains in Tokyo.

The dollar’s ascent against the yen is generally good for Japanese exporters as it makes them more competitive overseas and inflates the value of their repatriated profits.

The dollar traded at 121.32 yen, compared with 121.29 yen.

The euro changed hands at $1.0620 and 128.90 yen against $1.0636 and 129.00 yen in New York.