Singapore Markets closed

Tokyo stocks open higher on cheaper yen

Tokyo stocks opened higher on Tuesday helped by a cheaper yen and expectations for progress in US-China trade talks.

The benchmark Nikkei 225 index rose 0.63 percent, or 127.29 points, to 20,460.46 in early trade, while the broader Topix index was up 0.50 percent, or 7.65 points, at 1,547.05.

"Japanese stocks are seen rising at the start due to a cheaper yen against the dollar and after a sharp drop late last week," Toshiyuki Kanayama, senior market strategist at Monex, said in a note.

The rally came after Tokyo shares closed down more than two percent on Friday.

The Japanese market was closed on Monday for a public holiday.

The higher open came after global stocks mostly rose on Monday as US and Chinese officials in Beijing started preparatory trade meetings that may culminate in a meeting between US President Donald Trump and Chinese leader Xi Jinping.

The dollar changed hands at 110.48 yen in early Asian trade, up from 110.37 yen in New York late Monday and 109.68 yen in Tokyo Friday.

"On Sino-US trade, the one positive development... was that Presidents Trump and Xi could meet in Trump's Florida resort of Mar a Lago in mid-March," Ray Attrill, strategist at National Australia Bank, said in a commentary.

In Tokyo, exporters were generally higher, with Toyota gaining 0.96 percent to 6,511 yen, Nissan advancing 1.43 percent to 927.4 yen, Honda adding 1.00 percent at 2,956 yen and Panasonic up 1.09 percent at 1,013 yen.

Toshiba dropped 6.03 percent to 3,190 yen after it said it would revise down its full-year operating profit forecast in its third-quarter earnings report due on Wednesday.

SoftBank Group was down 0.14 percent at 10,000 yen after an announcement that its SoftBank Vision Fund will invest nearly a billion dollars in Silicon Valley startup Nuro, which is working on self-driving delivery vehicles.

On Wall Street, US stocks finished mixed with the Dow ending down 0.2 percent at 25,053.11 while the broad-based S&P 500 edged up 0.1 percent and the tech-rich Nasdaq Composite Index also added 0.1 percent.