Tokyo stocks open higher on hopes for slowing U.S. inflation

Tokyo stocks opened higher Wednesday, tracking solid gains on Wall Street, after U.S. data showing slower-than-expected growth in labor costs raised hopes that inflation is easing.

In the first 15 minutes of trading, the 225-issue Nikkei Stock Average rose 178.78 points, or 0.65 percent, from Tuesday to 27,505.89. The broader Topix index was up 11.95 points, or 0.60 percent, at 1,987.22.

Gainers were led by service, insurance, and marine transportation issues.

At 9 a.m., the U.S. dollar fetched 130.11-12 yen compared with 130.05-15 yen in New York and 130.14-16 yen in Tokyo at 5 p.m. Tuesday.

The euro was quoted at $1.0859-0863 and 141.29-35 yen against $1.0856-0866 and 141.38-48 yen in New York and $1.0844-0846 and 141.13-17 yen in Tokyo late Tuesday afternoon.

© Kyodo News