Tokyo stocks open up 0.80% after Italy PM says to quit

Tokyo stocks opened 0.80 percent higher on Wednesday after embattled Italian Prime Minister Silvio Berlusconi announced he would resign once key economic reforms are adopted. The benchmark Nikkei-225 index at the Tokyo Stock Exchange opened up 69.09 points at 8,724.60 following robust gains on Wall Street on the news from Italy. Concerns about Europe's sovereign debt crisis are receding somewhat following Berlusconi's announcement, Hiroichi Nishi, general manager at SMBC Nikko Securities, told Dow Jones Newswires before markets opened. Berlusconi said on Tuesday that he would step down once reforms aimed at calming market turmoil are adopted this month, as the country struggles to avoid becoming the next to succumb to the European sovereign debt crisis. The euro bought $1.3821 and 107.39 yen in early Asian trade on Wednesday, slightly down from $1,3836 and 107.50 yen in New York late Tuesday. The dollar was almost unchanged, trading at 77.70 yen. The Dow Jones Industrial Average climbed 0.84 percent to close at 12,170.18.