Tokyo stocks rise in morning as weaker yen lifts exporters
TOKYO (Kyodo) -- Tokyo stocks climbed Wednesday morning, as exporter shares were lifted by a weaker yen against the U.S. dollar amid rekindling concern over the escalating Israel-Iran conflict.
The 225-issue Nikkei Stock Average rose 255.06 points, or 0.66 percent, from Tuesday to 38,791.80. The broader Topix index was up 14.74 points, or 0.53 percent, at 2,801.69.
The dollar, often sought in times of crisis, remained firm in the lower 145 yen range in Tokyo, as hopes for a ceasefire in the Middle East receded after news reports that U.S. President Donald Trump is considering attacking Iranian nuclear sites.
The yen was also sold after Bank of Japan chief Kazuo Ueda expressed Tuesday a cautious stance on further raising interest rates, citing uncertainty about economic prospects caused by steep U.S. tariffs, dealers said.
At noon, the dollar fetched 145.12-13 yen compared with 145.22-32 yen in New York and 144.53-55 yen in Tokyo at 5 p.m. Tuesday.
The euro was quoted at $1.1497-1499 and 166.84-87 yen against $1.1475-1485 and 166.68-78 yen in New York and $1.1557-1558 and 167.04-08 yen in Tokyo late Tuesday afternoon.
Stocks initially fell after overnight declines on Wall Street amid caution over the intensifying tensions in the Middle East. But they soon erased losses and climbed as a weaker yen helped lift export-oriented auto and electronics shares.
Among notable gainers, Nintendo ended the morning up 6.2 percent at 13,210 yen, rising for the fifth straight trading day after the gaming giant said it sold over 3.5 million units of its Switch 2 console worldwide in four days following its launch this month.
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