Tokyo Stocks End Up A Tad Higher

Tokyo stocks were slightly higher Tuesday morning, Dec. 6, 2022, as buying of exporter issues on a weaker yen helped offset concerns about negative fallout from prolonged US monetary tightening, Kyodo News reported.

Photo Insert: The 225-issue Nikkei Stock Average rose 81.71 points, or 0.29 percent, from Monday to 27,902.11.

The 225-issue Nikkei Stock Average rose 81.71 points, or 0.29 percent, from Monday to 27,902.11.

The broader Topix index was up 2.82 points, or 0.14 percent, at 1,950.72. On the top-tier Prime Market, gainers were led by insurance, iron and steel, and marine transportation issues. Mining, service, and precision instrument shares were among the major decliners.

The US dollar was supported in the upper 136 yen zone almost throughout the morning after surging from around the 135 yen line overnight in New York as stronger-than-expected service sector data for November added to prospects for the Federal Reserve to continue with its aggressive interest rate hikes, dealers said.

At noon, the dollar fetched 136.97-98 yen compared with 136.74-84 yen in New York and 135.12-14 yen in Tokyo at 5 p.m. Monday.

The euro was quoted at $1.0496-0500 and 143.76-83 yen against $1.0488-0498 and 143.45-55 yen in New York and $1.0538-0540 and 142.39-43 yen in Tokyo late Monday afternoon.

Stocks opened lower, tracking an overnight drop on Wall Street as investors fretted over borrowing costs staying high along with the Fed's rate hikes. But shares later swung back to positive territory as the yen's fall prompted buying of auto and machinery issues among major exporters, analysts said.

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