Tokyo stocks open sharply higher on Wall St. gains

Tokyo stocks opened sharply higher Monday as investors took heart from gains on Wall Street late last week following strong earnings by U.S. firms including Apple Inc.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average rose 407.84 points, or 1.50 percent, from Friday to 27,513.04. The broader Topix index was up 24.85 points, or 1.31 percent, at 1,923.90.

On the top-tier Prime Market, gainers were led by electric appliance, insurance, and textile and apparel issues.

The U.S. dollar climbed to the upper 147 yen level after a media report saying Goldman Sachs Group Inc. economists said the Federal Reserve could raise interest rates to as high as 5 percent by March 2023, higher than previously predicted.

At 9 a.m., the dollar fetched 147.81-82 yen compared with 147.38-48 yen in New York and 147.07-08 yen in Tokyo at 5 p.m. Friday.

The euro was quoted at $0.9953-9957 and 147.12-18 yen against $0.9963-9973 and 146.82-92 yen in New York and $0.9945-9947 and 146.27-31 yen in Tokyo late Friday afternoon.

© Kyodo News