Nikkei briefly hits 16-month high on weak yen after U.S. bank seizure

The Nikkei index opened higher Tuesday, after briefly climbing to a 16-month high above the 29,250 mark, buoyed by exporter shares on a weaker yen following a seizure by U.S. regulators of the failed First Republic Bank.

At 9:15 a.m., the 225-issue Nikkei Stock Average was up 79.22 points, or 0.27 percent, from Monday to 29,202.40. The broader Topix index was down 1.27 points, or 0.06 percent, at 2,076.79.

Gainers were led by pharmaceutical, electric appliance and precision instrument shares.

In Tokyo, the U.S. dollar remained firm in the lower 137 yen level after hitting a two-month high in N...