Tokyo stocks opened higher on Tuesday as investors awaited a key Bank of Japan monetary policy decision and its governor’s press conference for his views on the Japanese economy.
The benchmark Nikkei 225 index was up 0.48 percent or 137.20 points at 28,470.72 in early trade, while the broader Topix index advanced 0.43 percent or 8.58 points to 1,995.29.
Investors are keen to hear from BoJ Governor Haruhiko Kuroda after “reports last week that the Bank of Japan will likely discuss whether it can resume rate hikes before achieving the two-percent inflation target”, Okasan Online Securities said in a note.
The central bank is widely expected to keep its main monetary easing and raise inflation forecasts.
Investors will watch for clues of how the BoJ evaluates the threat of the Omicron variant and a cheaper yen’s impact on the economy, analysts said.
They are also paying attention to Prime Minister Fumio Kishida’s speech at an online international meeting hosted by the World Economic Forum later in the day, analysts added.
The dollar fetched 114.51 yen in early Asian trade, against 114.58 yen late Monday in London.
Among major shares in Tokyo, Sony was up 0.21 percent at 14,265 yen, Toyota was up 1.69 percent at 2,464 yen, and Hitachi was up 0.84 percent at 6,739 yen.