Tokyo stocks open higher after Trump leaves hospital

Tokyo stocks opened higher on Tuesday, extending Wall Street rallies, as US President Donald Trump arrived back at the White House after undergoing hospital treatment for Covid-19.

The benchmark Nikkei 225 index was up 0.44 per cent or 103.36 points at 23,415.50 in early trade, while the broader Topix index advanced 0.43 per cent or 6.99 points to 1,644.24.

Japanese shares are supported by a "receding sense of uncertainty with the news of President Trump's discharge from hospital, and expectations for additional US economic stimulus," Mizuho Securities said in a commentary.

"Since the US president tweeted he will be discharged from hospital, the risk-on sentiment is all over" the currency market, sending the dollar firmer against the yen, which generally helps Japanese exporters, Rikiya Takebe, senior strategist at Okasan Online Securities.

Also read — Donald Trump arrives at White House after Covid-19 treatment, removes mask immediately

The dollar fetched 105.59 yen in early Asian trade, against 105.72 yen in New York and 105.58 yen in Tokyo late Monday.

Before the opening bell in Tokyo, Trump checked out of hospital after emergency treatment for Covid-19, pulling off his mask the moment he reached the White House and vowing to quickly get back on the campaign trail.

Democratic White House hopeful Joe Biden's increasing lead in weekend polls in the US presidential race -- another factor that mitigates political uncertainties in the future -- is also supporting the market, analysts said.

Among major shares in Tokyo, Takeda Pharmaceutical was up 1.32 per cent at 3,698 yen, Panasonic was up 1.66 per cent at 905 yen, and construction machine maker Komatsu was up 1.20 per cent at 2,406.5 yen

On Wall Street, the Dow ended up 1.7 per cent at 28,148.64.