Tokyo stocks rose Wednesday morning, boosted by technology issues that tracked gains in their U.S. counterparts, with the benchmark Nikkei also supported by heavyweight Fast Retailing on a brisk sales report.
The 225-issue Nikkei Stock Average rose 350.68 points, or 0.88 percent, from Tuesday to 40,425.37. The broader Topix index was up 5.76 points, or 0.20 percent, at 2,862.38.
The U.S. dollar moved narrowly mostly in the mid-161 yen zone in Tokyo, as investors awaited the release of U.S. jobs data and other economic indicators later in the week.
At noon, the dollar fetched 161.64-65 yen compared with 161.43-53 yen in New York and 161.64-66 yen in Tokyo at 5 p.m. Tuesday.
The euro was quoted at $1.0743-0744 and 173.65-68 yen against $1.0740-0750 and 173.45-55 yen in New York, and $1.0717-0719 and 173.24-28 yen in Tokyo late Tuesday afternoon.
Stocks were lifted by tech issues after the U.S. Nasdaq and S&P 500 indexes closed at record highs overnight as U.S. electric car maker Tesla Inc. said its vehicle production and sales volume decreased in the second quarter from a year earlier but the size of the drop was smaller than the market had expected, analysts said.
The Nikkei benchmark was also supported by Fast Retailing, after the operator of the Uniqlo clothing chain reported Tuesday a 14.9 percent increase in same-store and online sales in June compared to a year earlier.
But a shortened trading session tonight on U.S. markets ahead of a holiday on Thursday and caution before upcoming key economic data might cause the "(Japanese) market to experience some profit-taking before potentially reaching new record highs," said Maki Sawada, a strategist in the Investment Content Department of Nomura Securities Co.
