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Tokyo stocks open up 0.91%

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(Globalpost/GlobalPost)

Tokyo stocks opened 0.91 percent higher on Wednesday after New York shares pushed to fresh record highs.

The Nikkei 225 index at the Tokyo Stock Exchange was up 108.66 points to 12,112.09 at the start.

US stocks reached new levels Tuesday on solid manufacturing orders data and strong results from US automakers. The Dow Jones Industrial Average closed at an all-time record high of 14,662.01, up 89.16 or 0.61 percent.

The rise eased concerns among global investors over a potential fall on Wall Street after US stocks had appeared to struggle to find upward momentum in recent days, said Kenichi Hirano, market analyst at Tachibana Securities.

"Everyone was worried about falls in New York stocks," he told Dow Jones Newswires. "It's all OK now."

Market participants are focusing on the outcome of a two-day policy meeting of the Bank of Japan starting later in the day and a European Central Bank meeting on Thursday as well as US jobs data on Friday, he said.

The dollar was at 93.30 yen in early Asian trade Wednesday against 93.39 yen in New York late Tuesday.

The euro remained weak following the release Tuesday of poor manufacturing and jobs data for the eurozone, buying $1.2817 and 119.66 yen against $1.2813 and 119.70 yen in US trade.

bur-mis/jw

http://www.globalpost.com/dispatch/news/afp/130402/tokyo-stocks-open-091