Japanese Market Sharply Higher

(RTTNews) - The Japanese stock market is trading sharply higher on Monday, recouping some of the losses in the previous session. The benchmark S&P/ASX 200 is moving above the 39,500 level, following the broadly positive cues from global markets cues on Friday, with gains across most sectors led by index heavyweights, exporters and technology stocks.

The benchmark Nikkei 225 Index is up 547.45 or 1.40 percent at 39,539.53, after touching a high of 39,617.36 earlier. Japanese shares ended sharply lower on Friday.

Market heavyweight SoftBank Group is gaining more than 1 percent and Uniqlo operator Fast Retailing is adding 2.5 percent. Among automakers, Honda is gaining almost 2 percent and Toyota is also adding almost 2 percent.

In the tech space, Screen Holdings is gaining more than 2 percent, Advantest is edging up 0.2 percent and Tokyo Electron is adding 1.5 percent.

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

The major exporters are higher. Canon is gaining almost 1 percent and Mitsubishi Electric is adding more than 3 percent, while Panasonic and Sony are up more than 1 percent each.

Among other major gainers, Socionext is soaring almost 8 percent, Fujitsu is surging more than 6 percent, Disco is gaining more than 5 percent and Japan Exchange Group is adding almost 5 percent, while Suzuki Motor, Renesas Electronics and Recruit Holdings are advancing more than 4 percent each. Tokyo Electric Power, Nomura Holdings, Fujikura, Mitsubishi Estate and Mitsubishi Electric are up more than 3 percent each, while JTEKT, Furukawa Electric and Mitsui & Co. are rising almost 3 percent each.

Conversely, there are no other major losers.

In the currency market, the U.S. dollar is trading in the higher 151 yen-range on Monday.

On Wall Street, stocks showed a significant move back to the upside during trading on Friday following the sell-off seen late in the previous session. The major averages all moved notably higher, largely offsetting Thursday's steep losses.

The major averages finished the day off their highs of the session but still firmly in positive territory. The Nasdaq surged 199.44 points or 1.2 percent to 16,248.52, the S&P 500 jumped 57.13 points or 1.1 percent to 5,204.34 and the Dow advanced 307.06 points or 0.8 percent to 38,904.04.

The major European markets also moved to the downside on the day. While the U.K.'s FTSE 100 Index slid by 0.8 percent, the French CAC 40 Index and the German DAX Index tumbled by 1.1 percent and 1.2 percent, respectively.

Crude oil prices rose on Friday, extending recent gains on supply worries due to geopolitical tensions. West Texas Intermediate Crude oil futures for May added $0.32 or 0.37 percent at $86.91 a barrel, settling at a fresh five-month high. WTI crude futures gained 4 percent in the week.