Japanese Market Modestly Higher

(RTTNews) - Reversing some of the losses in the previous session, the Japanese market is modestly higher on Friday after opening in the red, despite the broadly negative cues from European markets and lack of cues from Wall Street overnight. The Nikkei 225 is moving well above the 38,550 level, with gains across most sectors led by index heavyweights, financial and technology stocks.

The benchmark Nikkei 225 Index is up 86.33 points or 0.23 percent to 38,575.17, after hitting a low of 38,443.17 and a high of 38,646.16 earlier. Japanese shares ended significantly lower on Thursday.

Market heavyweight SoftBank Group is gaining almost 1 percent, while Uniqlo operator Fast Retailing is losing more than 1 percent. Among automakers, Toyota and Honda are edging up 0.3 percent each.

In the tech space, Advantest is advancing almost 4 percent, Tokyo Electron is gaining almost 1 percent and Screen Holdings is adding almost 3 percent.

In the banking sector, Sumitomo Mitsui Financial, Mizuho Financial and Mitsubishi UFJ Financial are all gaining almost 1 percent each.

Among the major exporters, Sony and Panasonic are edging down 0.4 percent each, while Mitsubishi Electric is edging up 0.5 percent. Canon is flat.

Among other major gainers, Socionext is surging more than 6 percen and Amada is gaining more than 4 percent, while Lasertec and Disco are adding more than 3 percent. Sumco is up almost 3 percent.

Conversely, Japan Steel Works is losing more than 3 percent and IHI is declining almost 3 percent.

In economic news, the Bank of Japan will on Friday release the minutes from its monetary policy meeting on April 30-May 1. At the meeting, the BoJ left its interest rate unchanged at 0.50 percent and lowered its growth projections, citing trade tariff threats.

Inflation outlook for fiscal 2025 and 2026 were also lowered, mainly due to the fall in crude oil prices and the downward revision of the GDP growth rates.

In the currency market, the U.S. dollar is trading in the lower 145 yen-range on Friday.

On Wall Street, the markets were closed for Juneteenth Day on Thursday after closing mixed on Wednesday.

The major European markets ended lower on the day Germany's DAX stumbled 260.43 points or 1.12 percent to finish at 23,057.38, while the FTSE 100 in London sank 51.67 points or 0.58 percent to close at 8,791.80 and the CAC 40 in France slumped 102.67 points or 1.34 percent to end at 7,553.45.