Tokyo Stocks Rise on Wall Street Gains but Upside Limited

Tokyo stocks began Wednesday on a positive note, following overnight gains on Wall Street as U.S. Treasury yields showed signs of easing. The 225-issue Nikkei Stock Average opened higher by 35.84 points, or 0.05 percent, reaching 70,719.82. Similarly, the broader Topix index climbed 14.40 points, or 0.34 percent, to 4,197.96.

The main drivers of the gains were issues related to nonferrous metals, construction, and electric power and gas on the top-tier Prime Market. However, the upward momentum was limited as investors opted to secure profits from recent gains.

In the forex market, the U.S. dollar was trading at 158.31-32 yen at 9 a.m., slightly up from 158.07-17 yen in New York and 158.10-13 yen in Tokyo at 5 p.m. Tuesday. The euro was quoted at $1.1253-1253 and 178.13-15 yen, compared to $1.1255-1265 and 178.00-10 yen in New York and $1.1239-1241 and 177.71-75 yen in Tokyo late Tuesday afternoon.