TOKYO: Tokyo stocks opened higher on Friday with a weak yen boosting exporters, while Toshiba continued to slide on concerns over the potential bankruptcy of its US nuclear unit.
Tokyo’s benchmark Nikkei 225 index gained 0.57 percent, or 109.23 points, to 19,427.81 in early trading, while the Topix index of all first-section issues was up 0.72 percent, or 11.24 points, to 1,565.92.
“The yen’s decline is a main factor behind today’s solid gain,” said Toshikazu Horiuchi, a broker at IwaiCosmo Securities Co.
“Now the market appears convinced that the Fed will raise the rate, while investors are expecting encouraging US payroll figures,” Horiuchi told AFP.
“All in all, Tokyo market sentiment is positive,” he added.
The dollar rose to 115.15 yen from 114.95 yen in New York on Thursday.
The dollar’s gain came ahead of the Labor Department’s monthly employment report to be released later in the day.
Investors are closely watching the jobs figures for clues about future Federal Reserve policy moves.
A solid jobs report might seal the case for the Fed to lift interest rates this month, expectations of which have fueled recent dollar gains.
A weak yen is positive for Japanese exporters as it inflates repatriated profits.
Toyota rose 0.88 percent to 6,491 yen in early trading, while rival Nissan gained 0.91 percent to 1,152 yen.
Sony jumped 2.77 percent to 3,630 yen, with Panasonic up 0.82 percent at 1,279 yen.
Toshiba dropped 3.32 percent to 198 yen after falling more than 7 percent the previous day on news its troubled US nuclear unit could be headed for bankruptcy.
Toshiba has been reeling from huge losses from its US nuclear business.
