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Tokyo stocks open up 0.64%

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(GlobalPost/GlobalPost)

Tokyo stocks opened 0.64 percent higher on Wednesday as the dollar held steady against the yen.

The Nikkei 225 index gained 91.64 points to 14,480.41 at the start.

The benchmark index is likely to move in a relatively narrow band on Wednesday, traders said.

"Since the dollar remains relatively firm, we can expect a bit of a bounceback from yesterday's selloff," said SMBC Nikko Securities' Hiroichi Nishi.

Tokyo stocks suffered a late selloff Tuesday with the Bank of Japan seen as unlikely to implement any further monetary easing steps at its upcoming April 30 meeting.

With US President Barack Obama to arrive in Japan late Wednesday, markets are watching for any mention of a territorial dispute between Japan and China, which has hurt bilateral economic ties.

The dollar was changing hands at 102.62 yen early Wednesday, hardly changed from 102.60 yen in New York Tuesday afternoon.

The euro bought $1.3807 and 141.70 yen, compared with $1.3804 and 141.65 yen.

In New York on Tuesday solid earnings and major pharmaceutical sector deals lifted stocks, with the Dow Jones Industrial Average rising 0.40 percent to 16,514.37, the third day in a row to see a gain.

The broader-based S&P 500 and tech-rich Nasdaq Composite Index produced a sixth straight day of gains, rising 0.41 percent to 1,879.55 and 0.97 percent to 4,161.46.

-- Dow Jones Newswires contributed to this article --

bur-mis/mtp

http://www.globalpost.com/dispatch/news/afp/140423/tokyo-stocks-open-064