Wordbnd.com - Tokyo stocks opened higher on Friday, extending rallies on Wall Street on hopes of a China-US trade deal, with some looking for a December accord between the two economic superpowers.
The benchmark Nikkei 225 index was up 0.86 percent or 201.14 points at 23,531.46 in early trade, while the broader Topix index was up 0.59 percent or 10.08 points at 1,708.21.
"The Japanese market is seen climbing after reports that the US and China have agreed to remove tariffs gradually," Okasan Online Securities said in a commentary.
China and the United States have agreed a plan to remove tariffs imposed on two-way goods in stages, the commerce ministry said Thursday after the close of the Japanese market, as negotiators try to hammer out a trade deal.
Global investors welcomed the Chinese statements, with the US Dow and S&P 500 finishing at fresh records.
The dollar was quoted at 109.35 yen in early Asian trade, against 109.29 yen in New York.
In Tokyo, banks were among the winners, with Mitsubishi UFJ Financial trading up 1.58 percent at 590.6 yen and Sumitomo Mitsui Financial up 1.81 percent at 4,032 yen.
Automakers were also higher, with Toyota trading up 2.70 percent at 7,945 yen and Mitsubishi Motors gaining 3.25 percent to 508 yen after dipping to 6.81 percent in
Honda was up 2.45 percent at 3,088 yen ahead of its earnings report due later in the day.
On Wall Street, the Dow ended up 0.7 percent at 27,674.80.
Source: AFP