Tokyo shares open 1.43% higher

Tokyo shares opened 1.43 percent higher Thursday after Wall Street rebounded overnight while Chinese markets are closed for a long weekend.

The Nikkei-225 index at Tokyo Stock Exchange rose 258.22 points to 18,353.62. The Topix index of all first section shares rose 1.59 percent or 23.38 points to 1,489.37.

Deep worries over the Chinese outlook remained, but general confidence in the US economy lifted Wall Street overnight, boosting optimism elsewhere.

The Dow Jones Industrial Average finished Wednesday up 1.82 percent, or 293.03 points, at 16,351.38.

The broader S&P 500 gained 1.83 percent, or 35.01 points at 1,948.86, while the Nasdaq Composite added 2.46 percent, or 113.87 points, at 4,749.98.

Investors also were breathing easier for now, as Chinese markets are closed Thursday and Friday to mark the 70th anniversary of Japan's World War II defeat.

"One modest positive today is the fact China is offline for its Victory Day commemorations," Chris Weston, Melbourne- based chief markets strategist at IG Ltd, told Bloomberg News.

"So traders and investors will be focused on domestic data, valuations and trying to understand how to navigate these crazy markets," he said.

Measured optimism returned to the market, for the time being at least, as the latest Federal Reserve report showed steady US economic growth.

The Fed's periodic Beige Book survey depicted the economy still growing at a modest to moderate pace across most of the central bank's 12 districts, with survey respondents optimistic about the coming months.

"Respondents in most sectors across districts expected growth to continue at its recent pace," it said.

All eyes are on the US central bank as its policymakers are scheduled to gather in two weeks for a meeting where they may decide to increase the key interest rates.

Federal Reserve vice chair Stanley Fischer said at the weekend a hike in borrowing rates was still possible in September -- a move that would tighten investment opportunities and put pressure on financial markets.

Many analysts still say the prospect of a US rate hike is uncertain.

In forex trading, the dollar stood at 120.58 yen, up slightly from 120.32 in New York Wednesday.

The euro was at $1.1208 and 135.15 yen, mixed from $1.1225 and 135.06 yen in New York.