The benchmark Nikkei 225 index rose 1.20 per cent or 256.66 points to 21,600.74 in early trade, while the broader Topix index was up 1.25 per cent or 19.00 points at 1,544.87. — Reuters pic
TOKYO, March 3 ― Tokyo stocks opened higher today as worries over the spread of the novel coronavirus receded with G7 financial and central bank chiefs set to hold talks on the issue.
The benchmark Nikkei 225 index rose 1.20 per cent or 256.66 points to 21,600.74 in early trade, while the broader Topix index was up 1.25 per cent or 19.00 points at 1,544.87.
“Expectations on international cooperation over the new coronavirus prompted rallies in US shares, and Japanese shares are seen extending the upward trend,” Toshiyuki Kanayama, senior market analyst at Monex, said in a commentary.
The dollar fetched ¥109.38 (RM4.25) in early Asian trade, against ¥108.25 in New York late yesterday.
Finance ministers and central bank chiefs from Group of Seven (G7) countries will hold talks today amid rising global uncertainty over the coronavirus epidemic, the US Treasury said yesterday.
US Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell “will lead a call with their G7 counterparts tomorrow morning,” the department confirmed in a statement.
Top finance officials in Europe also tried to calm fears about a damaging economic downturn as a result of the epidemic, as did the continent's central bank.
In Tokyo, some blue-chip exporters were higher, with Toyota gaining 1.11 per cent to ¥7,234 and Sony rallying 0.77 per cent to ¥6,924.
Honda was up 1.60 per cent at ¥2,841.5 despite a report that it will reduce production in its two domestic plants for several days on concerns over the stability of parts supply from China.
In New York, the Dow ended up 5.1 per cent at 26,703.32. ― AFP