Nikkei takes heart from G7 meet
 |
NEC and other tech related stocks are higher in Tokyo Monday.
Story Tools
YOUR E-MAIL ALERTS
|
Follow the news that matters to you. Create your own alert to be notified on topics you're interested in.
Or, visit Popular Alerts for suggestions.
|
|
(CNN) -- Japanese stocks are firmer in early trade Monday after a Group of Seven finance meeting in the United States warned of the danger of disorderly currency markets.
That has given heart to investors worried about the impact of the yen's rise on Japanese corporate earnings.
The dollar is trading at 105.66 yen in Tokyo trading Monday.
Richard Jerram, Tokyo-based chief economist for ING Asia, told CNN he thought the U.S. dollar did not have "that much further to fall".
He said renewed growth in Europe and Japan would help cut the size of the U.S. current account deficit.
The U.S. trade and budget deficits have been seen as a major constraint to robust global economic growth.
The Nikkei 225 average is up 0.77 percent to 10,541.99 Monday morning. The index fell 3 percent last week as investors sold ahead of the G7 meeting in Florida.
The broader Topix is up 0.94 percent to 1038.51.
Other markets in the region are also stronger, with a gain of 1.3 percent in South Korea for the Kospi.
Australia is up about 0.6 percent and New Zealand is almost 1 percent higher.
In Tokyo, exporters are leading the gains, with consumer electronics leader Sony up 1.2 percent to 4270 yen and Canon almost 2 percent higher to 5170 yen.
Among tech-related stocks, Fujitsu and NEC are both 2.6 percent ahead.
In the auto sector, Japan's top carmaker Toyota Motor up 1.7 percent at 3610 yen and Nissan is 1.6 percent higher to 1113 yen. Honda is also in the black.
Big banks, which had a volatile week last week, are all higher, led by gains of 2 percent for UFJ Holdings, SMFG and Mizuho.
In Seoul, the Kospi is up 1.3 percent to 861.53. Market heavyweight Samsung Electronics is leading the way with a gain of 2.3 percent to 539,000 won.
Big exporter Hyundai Motor is 2.7 percent ahead to 48,050 won.
In Australia, the S&P/ASX200 is 0.6 percent higher to 3292.2. Media group News Corp is up 2 percent to A$11.97.
The moves in Asia follow a strong finish on Wall Street Friday, with the Nasdaq jumping 2.2 percent and the Dow putting on almost 1 percent to 10,593.03. (Full story)
