Tokyo stocks open slightly higher

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TOKYO?: Tokyo stocks were slightly up in opening trade on Tuesday after Wall Street closed higher, despite the dollar’s plunge on poor data on the US manufacturing sector.

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The benchmark Nikkei 225, which lost 15 percent in the past 10 days, gained 0.33 percent, or 43.38 points, to 13,305.20 in the first few minutes of trading.

US stocks rebounded Monday from Friday’s steep losses despite weaker manufacturing data as well as a lower-than-expected reading on construction spending.

The Dow Jones Industrial Average jumped 0.92 percent to finish at 15,254.03 with the poor data mitigating some concerns over the Federal Reserve possibly cutting its asset purchases in the near term.

The dollar fell below 100 yen for the first time in nearly a month on Monday as the ISM US manufacturing sector purchasing managers index for May showed a surprising contraction.

The dollar was trading at 99.74 yen in early Asian trade Tuesday against 99.52 yen in New York late Monday. The euro bought $1.3067 and 130.32 yen compared with $1.3076 and 130.13 yen in US trade.

A strong yen is bad for Japanese exporters as it makes their products less competitive abroad while reducing repatriated income.

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