Tokyo stocks open higher on vaccine hopes

Tokyo stocks open higher on vaccine hopes Tokyo stocks open higher on vaccine hopes

Tokyo: Tokyo stocks opened higher on Tuesday, tracking Wall Street gains on hopes for additional stimulus, as Japan prepared to start its coronavirus vaccination campaign.

As per details, investors took heart from rallies on Wall Street boosted by optimism over Covid vaccines and US fiscal stimulus.

In early trade, the benchmark Nikkei 225 index was up 0.78 percent or 229.94 points at 29,893.44, while the broader Topix index advanced 0.45 percent or 8.55 points to 1,911.03.

Senior strategist at Okasan Online Securities, Toshihiro Ito stated that the hopes for expansion of vaccinations are growing after the US food and Drug Administration (FDA) authorized Johnson & Johnson's (J&J) Covid vaccine for emergency use.

"A lull in (the rise in) 10-year US Treasury yields is also giving a sense of relief to the market," added Toshihiro.

The FDA said that the single-shot of J&J vaccine is highly effective in preventing severe Covid-19, including against newer variants.

The dollar fetched 106.86 yen in early Asian trade, against 106.76 yen in New York on Monday night.

In Japan's capital city, Panasonic was up 2.79 percent at 1,417.5 yen and Canon was up 1.68 percent at 2,334 yen.

While industrial robot maker, Fanuc was up 1.62 percent at 27,050 yen.

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