Tokyo Shares Open Higher After Gains In US


Tokyo stocks opened higher Monday, chasing gains made in New York as investors returned to the market after a holiday week. The Nikkei-225 index at the Tokyo Stocks Exchange rose 89.78 points, or 0.56 percent, to 15,196.50 in early trade. The Topix index of all first-section shares rose 6.90 points, or 0.53 percent, to 1,305.22.

The gains came after the smallest US jobs gain in seven months bolstered speculation the Federal Reserve will look to raise interest rates gradually, lifting New York shares on Friday.

The much-anticipated monthly report put April’s job gains in the US at by far the weakest level of the year at 160,000, compared with the market’s expectation for 200,000.

The jobless rate stayed at 5 percent, while wage growth accelerated.

Relative stability of the yen, coming after the Nikkei’s six-session losing streak, also helped lift the Tokyo bourse.

“It’s easier to see a rebound,” Yoshinori Ogawa, a market strategist at Okasan Securities, told Bloomberg News.

The dollar was at 107.50 yen, firming from 107.14 in New York Friday.

Last Friday, the Dow Jones Industrial Average rose 0.5 percent to 17,740.63. The broad-based S&P 500 climbed 0.3 percent to 2,057.14, while the tech-rich Nasdaq Composite Index advanced 0.4 percent to 4,736.16.

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