This file photo shows the Tokyo Stock Exchange. (Mainichi)
TOKYO (Kyodo) — Tokyo stocks rose Thursday morning, lifted by exporter issues as the yen weakened after Japan’s tariff negotiator said exchange rates were not among topics discussed during talks with the United States.
The 225-issue Nikkei Stock Average gained 291.89 points, or 0.86 percent, from Wednesday to 34,212.29. The broader Topix index was up 18.97 points, or 0.76 percent, at 2,517.00.
The U.S. dollar hit a seven-month low of 141.64 yen in New York overnight after Federal Reserve chairman Jerome Powell showed concern over possible higher inflation and a slowing economy due to tariffs imposed by U.S. President Donald Trump.
But the U.S. currency briefly rebounded to the upper 142 yen range in Tokyo, as the yen was sold due to receding expectations of Washington immediately demanding action to address the dollar’s strength against the yen following the remark from Japan’s tariff envoy Ryosei Akazawa, dealers said.
At noon, the dollar fetched 142.55-57 yen compared with 141.77-87 yen in New York and 142.10-11 yen in Tokyo at 5 p.m. Wednesday.
The euro was quoted at $1.1377-1381 and 162.18-26 yen against $1.1393-1403 and 161.69-79 yen in New York and $1.1387-1389 and 161.81-85 yen in Tokyo late Wednesday afternoon.
On the stock market, the Nikkei index stayed in positive territory as some export-oriented machinery and electronics shares attracted buying on the yen’s depreciation, which boosts exporters’ overseas profits when repatriated.
The market was also supported by easing concern over the tariff talks as there was no negative surprises such as the Trump administration proposing additional tariffs in the first ministerial talks at the White House, brokers said.
AloJapan.com