Japan stocks open up more than 1 % on overseas gains

Japanese shares rose in Tuesday morning trading after overnight rallies on Wall Street and European markets.

The benchmark Nikkei 225 Stock Average gained 116.4 points, or 1.32 per cent, to stand at 8,967.75 as of 9:14 am (0014 GMT).

The broader—based Topix index was up 11.02 points, or 1.45 per cent, at 769.85.

The blue—chip Dow Jones Index gained 254.71 points, or 2.26 per cent after a global rise and riding a wave of relief that Hurricane Irene had not caused more damage.

Japan’s unemployment rate climbed to 4.7 per cent in July for the second straight month of increase, as the effect of the March 11 earthquake and tsunami lingered, the government said before the market opened.

The three prefectures the most directly affected by the disaster were excluded from the unemployment data.

On currency markets at 9 am, the dollar traded at 76.94—95 yen, up from Monday’s 5 pm quote of 76.64—65 yen.

The euro traded at 1.4516-4517 dollars, down from 1.4528—4532 dollars Monday, and at 111.69—70 yen, up from 111.35-37 yen.