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Tokyo stocks rose more than two percent in early trade Thursday, supported by a cheaper yen following the US Federal Reserve’s rate cut.
The benchmark Nikkei 225 index was up 2.11 percent, or 766.65 points, at 37,146.82, while the broader Topix index rose 2.09 percent, or 53.59 points, at 2,618.96 yen.
“The Japanese market is expected to be led by buy orders after the yen eased against the dollar following the” Fed meeting, Mizuho Securities said.
But traders may later refrain from active buying ahead of the Bank of Japan’s policy meeting on Friday, it added.
“The Japanese market is expected to start with gains on the backdrop of a cheaper yen” against the dollar, senior market analyst Toshiyuki Kanayama of Monex said.
The dollar fetched 143.53 yen in Asian trade, against 142.29 yen in New York late Wednesday.
Overnight, Wall Street stocks finished modestly lower after the Fed…
