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Tokyo stocks rise 0.70% in early trade

AFP

Tokyo stocks rose 0.70 percent in early trade Thursday, following modest gains on Wall Street, after falling from a three-month peak the previous day.

The benchmark Nikkei 225 index at the Tokyo Stock Exchange was up 139.79 points to 19,987.37 in early deals, after breaking a five-day winning streak on Wednesday.

The broader Topix index of all first-section shares gained 0.66 percent, or 10.53 points, to 1,605.20.

US stocks finished mostly higher Wednesday following a host of fresh economic data ahead of the Thanksgiving Day holiday and the kickoff of the year-end shopping season.

"US economic data was in line with expectations and provides some comfort," Mitsushige Akino, executive officer at Ichiyoshi Asset Management Co, told Bloomberg News.

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"Investors expect markets will rise after the US rate hike since uncertainty will be dispelled. They want to buy stocks now."

Wall Street sentiment was lifted after US government figures showed small gains in various economic indicators -- including October consumer spending and new-home sales.

The gains were strong enough to pave the way for the Federal Reserve to slightly raise borrowing costs, adding to data that point to a strengthening US economy.

Tokyo investors were now looking ahead to Friday's Japanese inflation, unemployment and spending figures, as well as details of a government stimulus package.

The yen eased as tensions in the Middle East after the Turkish downing of a Russian fighter jet near the Syrian border faded.

A weaker yen is a plus for Japanese exporters' overseas competitiveness and profitability, and tends to lift their shares.

The dollar edged down to 122.66 yen, slightly off 122.70 yen Wednesday in New York but higher than levels seen in Asia earlier in the day.

The euro ticked up to $1.0625 and 130.34 yen from $1.0622 and 130.33 yen in US trade.

In New York, the Dow Jones Industrial Average edged up 0.01 percent and the tech-rich Nasdaq Composite Index added 0.26 percent, but the broader S&P 500 slipped 0.01 percent.

US markets will be closed on Thursday for the Thanksgiving Day holiday.