Tokyo stocks rise on weaker yen, US rally

TOKYO - Japanese shares rose in Friday morning trading following an overnight rally on Wall Street and as exporters were buoyed by a weaker yen.

The benchmark Nikkei 225 Stock Average gained 60.92 points, or 0.61 percent, to trade at 10,074.55. The broader Topix index was up 3.56 points, or 0.41 percent, at 872.37.

Overnight, US stocks surged as General Motors Co made a comeback with its initial public offering and as Ireland was deliberating the possibility of a European Union-led bail-out.

The yen was hovering around the mid-83-yen range to the dollar. The Japanese currency’s recent retreat against the dollar continued to boost investor sentiment.

On currency markets at 9 a.m. (0000 GMT), the dollar traded at 83.54-55 yen, up from Thursday’s 5 p.m. quote of 83.25-26 yen.

The euro traded at 1.3657-3662 dollars, up from 1.3586-3587 dollars Thursday, and at 114.09-10 yen, up from 113.11-15 yen.

A weaker yen makes Japanese goods more competitive abroad and improves overseas profits when the revenues are repatriated.