Tokyo stocks open higher on buybacks
( dpa ) - Tokyo stocks rebounded Tuesday as investors bought back battered shares after the previous day's selloff.
The Nikkei 225 Stock Average gained 172.05 points, or 1.46 per cent, in morning trading at 11,959.56.
The broader Topix index of all first-section issues was also up 11.02 points, or 0.96 per cent, at 1,160.67.
The Nikkei plunged 3.71 per cent and the Topix 3.65 per cent Monday. The benchmark Nikkei dipped below 12,000 for the first time since August 2005 as the yen surged against the US dollar and investors worried about the US economy and credit crunch. Exporters were among the firms hardest-hit because a stronger yen hurts their overseas revenues.
On currency markets at 9 am (0000 GMT), the dollar was quoted at 97.07-12 yen, down from Monday's 5 pm quote of 97.36-39 yen.
The euro was quoted at 1.5742-47 dollars, down from Monday's 5 pm quote of 1.5763-66 dollars, and at 152.80-85 yen, down from 153.50-54 yen.