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Tokyo stocks open 1.74% higher

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(Globalpost/GlobalPost)

Tokyo stocks opened up 1.74 percent Tuesday after the Japanese yen hit a fresh low in New York, while investors look to a G-20 meeting later this week.

The benchmark Nikkei 225 index gained 193.56 points to 11,346.72 at the opening bell.

The yen slid against the 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 dollar stood at 94.17 yen in early Asian trade Tuesday, easing from 94.33 yen in New York on Monday.

The euro fetched $1.3403 and 126.24 yen, compared with $1.3404 and 126.42 yen.

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

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http://www.globalpost.com/dispatch/news/afp/130211/tokyo-stocks-open-174-higher