Tokyo stocks up 0.57pc by break

July 25, 2014 - 8:22:59 am

TOKYO: Tokyo stocks rose 0.57 percent Friday morning after a sharp decline in US jobless claims boosted the dollar against the yen.

The benchmark Nikkei 225 index added 87.17 points to 15,371.59 by the break, while the Topix index of all first-section issues rose 0.37 percent, or 4.70 points, to 1,274.56.

But dealers said the Nikkei would likely move in a tight range as investors eye quarterly financial results from Japanese firms. Sony, Nissan and Japan Airlines are among the companies reporting their earnings in the coming weeks.

In currency trading, the dollar held steady after rallying against the yen in New York but gains were capped as weak home sales offset figures showing unemployment insurance benefit claims at an eight-year low.

The greenback fetched 101.79 yen, against 101.81 yen in New York, where it had jumped from 101.47 yen thanks to strong Chinese manufacturing data.

Currency rates hardly moved immediately after Japan said June inflation eased slightly to 3.3 percent.

Wall Street were little changed, although the S&P 500 inched up to another record high.

In Tokyo, Sony rose 2.52 percent to 1,786.5 yen and Toyota was up 0.31 percent at 6,088.0 yen.

Trading giant Itochu rose 1.74 percent to 1,338.0 yen after announcing late Thursday that Thailand's Charoen Pokphand Group could buy a 4.9 percent stake in it for $1.0 billion. (AFP)