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Tokyo stocks rise in morning on domestic earnings hopes

This file photo shows the Tokyo Stock Exchange. (Mainichi)

TOKYO (Kyodo) -- Tokyo stocks rose Monday morning on expectations of an improvement in the October-December earnings reports from major Japanese companies.

    The 225-issue Nikkei Stock Average rose 135.98 points, or 0.47 percent, from Friday to 28,767.43. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 3.82 points, or 0.21 percent, at 1,860.46.

    Gainers were led by pharmaceutical, electric power and gas, and service issues.

    The U.S. dollar stayed in the upper 103 yen range as investors awaited the U.S. Federal Reserve's two-day monetary policy meeting from Tuesday.

    At noon, the dollar fetched 103.77-79 yen compared with 103.71-81 yen in New York and 103.67-68 yen in Tokyo at 5 p.m. Friday.

    The euro was quoted at $1.2169-2173 and 126.31-35 yen against $1.2166-2176 and 126.28-38 yen in New York and $1.2156-2158 and 126.02-06 yen in Tokyo late Friday afternoon.

    After opening almost flat, shares gradually extended their gains in tandem with a rise in U.S. stock futures in after-hours trading.

    "There were expectations that the Dow index could rebound tonight" after the two-day losing streak, said Yutaka Miura, senior technical analyst at Mizuho Securities Co.

    "Market sentiment was also supported by hopes for improving domestic earnings, although investors have factored in positive results to some extent," Miura added.

    The earnings report season begins this week, with some major Japanese companies including electric motor maker Nidec set to report its results later in the day.

    On the First Section, advancing issues outnumbered decliners 1,384 to 709, while 92 ended the morning unchanged.

    Toshiba jumped 457 yen, or 15.4 percent, to 3,420 yen, after the company said Friday it has gained approval to return to the Tokyo Stock Exchange's First Section this week, more than three years after its demotion to the Second Section following massive losses at its bankrupt U.S. nuclear unit.

    Technology issues rose tracking gains of their U.S. peers last Friday. Alps Alpine jumped 71 yen, or 4.9 percent, to 1,525 yen and Yaskawa Electric rose 60 yen, or 1.1 percent, to 5,770 yen.

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