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Tokyo shares open higher as automakers, banks rise

Tokyo stocks opened higher Tuesday as automakers and banks rose, with a dip in the yen supporting the Japanese market.

Investors were encouraged by Greece's decision on Monday to discuss new bailout reforms in a bid to break a deadlock with its EU-IMF creditors.

US markets were closed for a holiday on Monday.

Investors are awaiting details on US President Donald Trump's tax plans, and his formal address to a joint session of Congress, slated for February 28, Okasan Securities said in a commentary.

"The Japanese market, which tends to take cues from news overseas, is likely to continue searching for a sense of direction," Okasan said.

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"But confidence is growing over Japanese firms' annual earnings results."

Tokyo's benchmark Nikkei 225 index rose 0.51 percent, or 99.08 points, to 19,349.27 in early trading, while the Topix index of all first-section issues rose tacked on 0.41 percent, or 6.32 points, to trade at 1,553.31.

In currency markets, the dollar bought 113.48 yen, up from 113.04 yen seen in London overnight.

A weaker yen generally makes Japanese exports more competitive overseas and lifts the Tokyo market.

In share trading, Toyota rose 0.37 percent to 6,456 yen while banking giant Mitsubishi UFJ Financial Group was up 0.61 percent to sit at 772.5 yen.

hih/pb/rb