Tokyo stocks open sharply higher after 3-day sell-off

©Kyodo News

Tokyo stocks opened sharply higher Friday as investors snapped up bargains following three consecutive down days during which the Nikkei index dropped more than 7 percent.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average surged 472.02 points, or 1.72 percent, from Thursday to 27,920.03. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 25.26 points, or 1.37 percent, at 1,874.30.

Gainers were led by marine transportation, textile and apparel and consumer credit issues.

At 9 a.m., the dollar fetched 109.52-53 yen compared with 109.42-52 yen in New York and 109.66-68 yen in Tokyo at 5 p.m. Thursday.

The euro was quoted at $1.2076-2078 and 132.26-30 yen against $1.2074-2084 and 132.19-29 yen in New York and $1.2085-2087 and 132.53-57 yen in Tokyo late Thursday afternoon.