Tokyo stocks open up on exporter rally, Takata suspended

Tokyo stocks rose Monday morning as major exporters tacked on gains, while trading in troubled airbag supplier Takata was suspended as it filed for bankruptcy protection.

The benchmark Nikkei 225 index rose 0.23 percent, or 46.62 points, to 20,179.29 in early trading, while the Topix index of all first-section issues gained 0.22 percent, or 3.51 points, to sit at 1,614.85 yen.

Takata was suspended at the opening after a week of massive volatility with the Tokyo Stock Exchange saying it would delist Takata on July 27.

"The impact of Takata's bankruptcy on the market was quite limited as it's been reportedly widely for a long time," said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

The Tokyo-based car parts giant is facing lawsuits and huge costs over an airbag defect linked to at least 16 deaths and scores of injuries globally.

In currency trading, the dollar changed hands at 111.34 yen, slightly up from 111.29 yen in New York late Friday.

"Investors tend to buy exporters at the 111 yen level or higher, which is one of the factors behind the moderate gain today," Horiuchi said.

Toyota rose 0.13 percent to 5,868 yen, while Honda was up 0.19 percent at 3,067 yen.

Sony rose 0.84 percent to 4,311 yen with Panasonic at 1,533.5 yen, up 1.18 percent.

si/pb/klm