Additional Support Anticipated For Japan Stock Market

(RTTNews) - The Japanese stock market has tracked to the upside in two of three sessions since the end of the three-day losing streak in which it had plunged more than 4,300 points or 6.5 percent. The Nikkei 225 sits just beneath the 64,220-point plateau and it's tipped to open in the green again on Friday.

The global forecast for the Asian markets is upbeat after the United States said it would hold off on fresh attacks in Iran. The European and U.S. markets were up and the Asian bourses are expected to follow them to the upside.

The Nikkei finished slightly higher on Thursday following mixed performances from the automobile producers and technology stocks, while the financial sector was soft.

For the day, the index perked 38.00 points or 0.06 percent to finish at 64,217.27 after trading between 62,335.75 and 64,395.50. Among the actives, Nissan Motor added 0.74 percent, while Mazda Motor tumbled 1.57 percent, Toyota Motor tanked 2.36 percent, Honda Motor sank 0.70 percent, Softbank Group retreated 1.35 percent, Mitsubishi UFJ Financial slumped 1.32 percent, Mizuho Financial plunged 2.89 percent, Sumitomo Mitsui Financial fell 0.39 percent, Mitsubishi Electric stumbled 2.26 percent, Sony Group shed 0.47 percent, Panasonic Holdings rose 0.29 percent and Hitachi plummeted 2.70 percent.

The lead from Wall Street is positive as the major averages opened modestly higher on Thursday but accelerated late in the day to finish sharply higher.

The Dow soared 929.97 points or 1.86 percent to finish at 60,848.75, while the NASDAQ rallied 640.16 points or 2.54 percent to end at 25,809.66 and the S&P 500 jumped 127.31 points or 1.75 percent to end at 7,394.30.

The late-day rally on Wall Street came as crude oil prices plunged after President Donald Trump called off previously announced attacks against Iran.

Bargain hunting also contributed to the surge following the weakness seen during Wednesday's session, which dragged the NASDAQ and S&P 500 down to their lowest closing levels in a month.

Meanwhile, traders seemed to shrug off a report from the Labor Department showing producer prices increased by more than expected in May.

Crude oil prices plunged on Thursday after Trump recalled his earlier orders to attack Iran. West Texas Intermediate crude for July delivery was down $2.81 or 3.12 percent at $87.22 per barrel.