Tokyo Stocks Open Higher Tracking US Gains

Tokyo, (UrduPoint / Pakistan Point News - 25th Feb, 2021 ) :Tokyo stocks opened higher on Thursday, tracking rallies on Wall Street, which was boosted by news that several million doses of a new coronavirus vaccine could be on the way.

The benchmark Nikkei 225 index was up 1.28 percent or 381.25 points at 30,052.95 in early trade, while the broader Topix index gained 1.13 percent or 21.53 points to 1,924.60.

Documents released by the US food and Drug Administration on Wednesday showed the single-shot Johnson & Johnson vaccine is highly effective in preventing severe Covid-19, including newer variants.

"Japanese shares are seen rallying supported by gains in the US market," after Wall Street shares bounced back as investors were cheered by the news, said Toshiyuki Kanayama, senior analyst at Monex.

The Dollar fetched 105.98 Yen in early Asian trade, against 105.85 yen in New York late Wednesday.

In Tokyo, Takeda Pharmaceutical was up 0.36 percent at 3,618 yen after it said it had started a clinical trial in Japan of the Novavax Covid-19 vaccine.

Takeda also said it expects results from an ongoing Moderna trial in the first half of this year.

Suzuki was down 3.80 percent at 4,780 yen after it said its charismatic chairman Osamu Suzuki will retire after more than four decades at the helm of the Japanese carmaker.

On Wall Street, the Dow finished up 1.4 percent to close at 31,961.86, a new all-time high.