Tokyo stocks open higher as China property giant default fears recede

© Kyodo News

Tokyo stocks opened sharply higher Friday, with the Nikkei index briefly climbing over 2 percent, tracking overnight gains on Wall Street as concerns receded over the potential collapse of Chinese property developer Evergrande Group.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average rose 565.86 points, or 1.91 percent, from Wednesday to 30,205.26. Japanese financial markets were closed Thursday for a national holiday.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 39.96 points, or 1.96 percent, at 2,083.51.

Every industry category gained ground, led by marine transportation, iron and steel, and mining issues.

At 9 a.m., the dollar fetched 110.33-34 yen compared with 110.28-38 yen Thursday in New York.

The euro was quoted at $1.1740-1740 and 129.52-53 yen against $1.1732-1742 and 129.47-57 yen in New York late Thursday afternoon.