Tokyo stocks up by break, dealers brush off GDP data

Tokyo stocks rose Thursday morning after Wall Street powered to fresh records, with investors brushing off a downward revision of Japan's third-quarter economic growth.

The benchmark Nikkei 225 index rose 0.82 percent, or 152.34 points, to 18,649.03 by the break, while the broader Topix index of all first-section issues was up 0.78 percent, or 11.69 points, at 1,502.31.

Shortly before the opening bell, the unveiled figures showing the world's number three economy expanded 0.3 percent on-quarter in July-September, weaker than a 0.5 percent initial estimate.

But investors largely ignored the data, taking a lead from overseas, with the Dow surging to a record for the third straight session, marking the best day for Wall Street since the November 8 US election.

The US rally has been sparked by hopes President-elect Donald Trump and the Republican-led Congress will enact policies that fuel stronger growth and loosen regulation in the world's biggest economy.

The European Central Bank (ECB) is widely expected to prolong massive monetary stimulus Thursday to spur an economy crimped by a rise in political uncertainty as exemplified by Trump's upset win, Brexit and the rise of the far right in Europe.

"There is a real risk of unpleasantness in European bond, equity and currency markets if (ECB chief Mario) Draghi doesn't at least meet expectations," Sharon Zollner, a senior economist in Auckland at ANZ Bank New Zealand, told Bloomberg News.

"The market is optimistic that the ECB will extend its quantitative easing program at current levels for a further six months."

In Tokyo, SoftBank shares roared again following Trump's announcement of a $50 billion investment in the US by the telecoms giant.

The firm jumped 4.68 percent to 7,733 yen, having surged nearly seven percent in early trade. It gained more than six percent on Wednesday, with investors hailing CEO Masayoshi Son's meeting with Trump in New York.

The announcement that a Honda joint venture in China plans to build a third production plant in the country boosted the Japanese automaker's shares 0.77 percent to 3,401 yen.

Sony was up 1.78 percent at 3,256 yen after it announced plans to release new smartphone games in April into the Japanese market.

Mitsubishi Heavy Industries gained 1.36 percent to 556.4 yen on local reports the Japanese machinery maker is considering investing in French nuclear giant Areva.

On currency markets, the dollar edged down to 113.45 yen, from 113.74 yen in New York.

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