Tokyo stocks open higher


Tokyo stocks have opened stronger after the Japanese yen hit a fresh low in New York, while investors look to a G20 meeting later this week.

The benchmark Nikkei 225 index gained 1.74 per cent to 11,346.72 points at the opening bell.

The yen slid against the US dollar on Wall Street, dropping to the mid 94-yen levels, which will support Japanese exporters as the lower currency makes their products cheaper overseas, dealers said.

"(The dollar/yen) is back in the 94-yen levels," Yoshihiro Okumura, general manager of research at Chibagin Asset Management, told Dow Jones Newswires.

"This is going to give a tailwind."

But he also said Japanese stocks are likely to remain rangebound before the meeting of the Group of 20 economies later this week, which could have implications for the currency policies of major economies.

On currency markets, the US dollar stood at ¥94.17 in early Asian trade, easing from ¥94.33.

The euro fetched $US1.3403 and ¥126.24, compared with $US1.3404 and ¥126.42.

At the closing bell on Wall Street, the Dow Jones Industrial Average was down 21.73 points (0.16 per cent) at 13,971.24.

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