TOKYO: Tokyo stocks opened 1.27 per cent higher on Tuesday on bargain-hunting after sliding a day earlier as weaker-than-expected domestic figures showed Japan had slumped into recession.
The Nikkei 225 index at the Tokyo Stock Exchange, which tumbled 2.96 per cent on Monday, was up 215.04 points at 17,188.84 in the first minutes of trading.
“The Monday market selloff was a natural reaction to truly poor economic numbers,” says Mr Shunichi Otsuka, general manager of research and strategy at Ichiyoshi Securities.
The government said on Monday the world’s number three economy shrank 0.4 per cent in the July-September quarter, or an annualised rate of 1.6 per cent, marking the second straight quarter of contraction.
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