Tokyo stocks rise in morning as US tariff ruling eases concerns
TOKYO (Kyodo) -- Tokyo stocks rose sharply Thursday morning on buying spurred by a U.S. court ruling that blocked President Donald Trump's sweeping tariffs, sparking hopes that the levies may have limited impact on the global economy.
The 225-issue Nikkei Stock Average rose 633.30 points, or 1.68 percent, from Wednesday to 38,355.70. The broader Topix index was up 40.62 points, or 1.47 percent, at 2,810.13.
The U.S dollar briefly strengthened to the lower 146 yen range in Tokyo, as the U.S. currency was bought as fears eased that the U.S. economy would contract due to Trump's tariff policy, dealers said.
At noon, the dollar fetched 145.77-82 yen compared with 144.81-91 yen in New York and 144.14-16 yen in Tokyo at 5 p.m. Wednesday.
The euro was quoted at $1.1245-1246 and 163.92-99 yen against $1.1286-1296 and 163.56-66 yen in New York and $1.1327-1328 and 163.27-31 yen in Tokyo late Wednesday afternoon.
Stocks were widely bought as sentiment lifted after the U.S. Court of International Trade ruled Wednesday that Trump cannot impose tariffs under emergency powers, including the so-called reciprocal tariffs.
The Nikkei index gained more than 600 points as heavyweight semiconductor shares notably climbed on the back of stronger-than-expected earnings results in the February-April period from U.S. chip giant Nvidia Corp.
Export-oriented auto and electronics issues also drew buying on the yen's depreciation, which increases exporters' overseas profits when repatriated.
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