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Tokyo stocks open higher tracking US gains

Tokyo stocks opened higher, tracking rallies on Wall Street that were boosted by progress on a US tax cut plan and recent positive corporate and macroeconomic data.

The benchmark Nikkei 225 index gained 1.11 percent, or 248.25 points, to 22,599.37 in early trade while the broader Topix was up 0.92 percent, or 16.19 points, at 1,777.90.

"With a tailwind from favourable external environment, Japanese shares are seen moving in a positive territory," said Okasan Online Securities said in a statement.

Mutsumi Kagawa, senior strategist at Rakuten Securities, added "the seventh straight quarter of economic growth (in the third quarter issued this week) and brisk corporate earnings are supporting the market."

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Wall Street cheered the House of Representative's passage of the Republican tax cut plan Thursday, pushing US stocks higher and lifting the Nasdaq to a fresh record.

The Dow Jones Industrial Average jumped 0.8 percent, while the tech-rich Nasdaq Composite Index jumped 1.3 percent.

In individual Tokyo stocks, Chugai Pharmaceutical was up 0.70 percent at 5,750 yen after the US federal drugs agency approved one of its haemophilia treatments.

Nintendo rose 1.69 percent to 45,550 yen after it said its Switch game console was the top-selling video game hardware in the US in October.

Nissan was up 0.89 percent at 1,074 yen after a report said Nissan executives are to return part of their pay over a recent quality control scandal.

The dollar firmed to 112.84 yen in early Asian trade from 113.02 yen in New York.