Tokyo stocks open up 1.38 percent

TOKYO: Tokyo stocks opened 1.38 percent higher on Wednesday after record-setting gains on Wall street and the dollar's surge through the 102-yen level.

The benchmark Nikkei 225 index was up 203.92 points to 14,962.34 at the start. "Renewed yen weakening should help Japan stocks to set fresh year highs, helped by fresh investor fund flows and faith in an accelerating global economy," said SMBC Nikko Securities general manager of equities Hiroichi Nishi.

The dollar rose against major currencies Tuesday amid gains in US equity markets and increased confidence in the US economic recovery.

The dollar was at 102.11 yen in early Asian trade, slightly down from 102.21 yen in New York late Tuesday but well above the mid-101 yen range a day earlier in Tokyo.

The euro bought $1.2934 and 132.20 yen compared with $1.2935 and 132.29 yen in New York.

US stocks Tuesday surged to new all-time closing highs on renewed optimism after a prominent hedge fund manager said the stock rally of 2013 still had room to go higher.

The Dow Jones Industrial Average rose 0.82 percent to a record 15,215.25. The broad-based S&P 500, also reaching a new high, added 1.01 percent to 1,650.36.