TOKYO - Tokyo shares opened higher on Monday as bargain hunters stepped into the market following gains in US stocks.
The benchmark Nikkei 225 index added 0.16 percent, or 44.72 points, to 27,944.49 in early trade, while the broader Topix index rose 0.28 percent, or 5.5 points, to 1,972.53.
Investors cheered gains on Wall Street on Friday when the Dow advanced 0.59 percent while the Nasdaq managed to end flat after shedding earlier losses.
The global market was expected to stay relatively quiet with many US investors leaving for Thanksgiving holidays, said Tapas Strickland of National Australia Bank.
While US shares remained relatively volatile, Tokyo stocks have been largely stable and are feeling support from Japan's easing of anti-Covid measures, Rakuten Securities said.
"The Japanese economy has seen a slower recovery than the US and European economies after the impact of the pandemic subsided," Rakuten said in a note.
But many Japanese businesses upgraded their annual earnings forecasts, brightening the market's mood, Rakuten said.
"As Japan goes through a delayed recovery phase from the pandemic, Tokyo shares are also sensing support. The domestic travel subsidies programme and the full-scale resumption of accepting international tourists should contribute to the recovery of domestic demand."
"Japanese shares remain relative bargains. In the long run, now is a good time to buy," Rakuten said.
Investors are also watching Japanese Prime Minister Fumio Kishida's falling approval ratings after the resignation of his internal affairs minister over a political funds scandal.
The dollar stood at 140.29 yen, edging down from 140.40 yen Friday in New York.
Among major Tokyo shares, Sony Group rose 1.02 percent to 11,335 yen. Advantest, producer of chip testing kits, rose 1.33 percent to 9,110 yen.
Toyota added 0.43 percent to 2,001.5 yen. Mitsubishi UFJ Financial Group gained 0.83 percent to 719.1 yen.
Energy developer Inpex fell 0.85 percent to 1,516. Nintendo gave up 0.57 percent to 5,886 yen.