Tokyo stocks inch higher at open
1/22/2013 12:29:01 AM
Tokyo stocks inched up in opening trade Tuesday ahead of the Bank of Japan concluding a two-day policy meeting widely expected to usher in more easing measures aimed at boosting the economy.
The benchmark Nikkei 225 index was 0.10 percent, or 10.27 points, higher to 10,758.01 in the first few minutes of trading.
The index, which recently hit its highest level in over two years, may face profit taking after Japan's central bank announces any new policy moves, said Hideyuki Ishiguro, senior strategist at Okasan Securities.
"The afternoon session may be volatile," he told Dow Jones Newswires.
The BoJ is widely expected to launch further monetary easing and adopt an annual inflation target of two percent -- a key demand from the new government led by Prime Minister Shinzo Abe -- in a bid to beat the deflation that has haunted Japan's economy for years.
The dollar, which on Friday in New York hit 90.24 yen, its highest since June 2010, bought 89.48 yen in Tokyo trading against 89.50 yen in European trade Monday. US markets were closed for a public holiday.
The euro eased to 119.05 yen from 119.20 yen while the single currency bought $1.3301 against $1.3320.