Japanese Market Sharply Higher

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(RTTNews) - The Japanese stock market is trading sharply higher on Monday, adding to the gains in the previous session. The benchmark S&P/ASX 200 is moving above the 38,900 level, following the broadly positive cues from Wall Street on Friday, with gains across most sectors led by index heavyweights, financial and technology stocks after recent data showed headline inflation slowing to a nine-month low.

The benchmark Nikkei 225 Index is up 632.81 or 1.65 percent at 38,916.66, after touching a high of 39,053.64 earlier. Japanese shares ended notably higher on Friday.

Market heavyweight SoftBank Group is gaining more than 4 percent, while Uniqlo operator Fast Retailing is adding more than 3 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is adding more than 2 percent.

In the tech space, Screen Holdings is gaining more than 1 percent, Tokyo Electron is adding more than 4 percent and Advantest is edging up 0.2 percent.

In the banking sector, Sumitomo Mitsui Financial is gaining almost 2 percent, Mizuho Financial is edging up 0.3 percent and Mitsubishi UFJ Financial is adding almost 1 percent.

The major exporters are mostly higher. Mitsubishi Electric and Sony are gaining almost 2 percent each, while Canon is edging up 0.5 percent. Panasonic is losing almost 1 percent.

Among other major gainers Keisei Electric Railway is skyrocketing more than 12 percent and Hoya is gaining almost 4 percent.

Conversely, Mercari is losing more than 3 percent.

In the currency market, the U.S. dollar is trading in the higher 153 yen-range on Monday.

On Wall Street, stocks saw continued strength during trading on Friday extending the upward move seen over the course of Thursday's session. The Dow led the way higher once again, reaching a new record closing high.

The major averages all ended the day in positive territory, with the Dow jumping 426.16 points or 1.0 percent to 44,296.51. The S&P 500 also climbed 20.63 points or 0.4 percent to 5,969.34, while the Nasdaq rose 31.23 points or 0.2 percent to 19,003.65.

The major European markets all also moved to the upside on the day. While the U.K.'s FTSE 100 Index jumped by 1.4 percent, the German DAX Index advanced by 0.9 percent and the French CAC 40 Index rose by 0.6 percent.

Crude oil prices climbed higher on Friday amid rising concerns about Russia/Ukraine conflict. West Texas Intermediate Crude oil futures for January closed up $1.14 or 1.6 percent at $71.24 a barrel. WTI crude futures gained 6.5 percent in the week.

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EURUSD	1.1253	GBPUSD	1.3241
USDJPY	157.845	USDCAD	1.4248