Japanese Market Sharply Higher

(RTTNews) - Extending the gains in the previous three sessions, the Japanese market is sharply higher on Friday, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving well above the 40,100 level, with gains across most sectors led by index heavyweights, exporters and technology stocks.

The benchmark Nikkei 225 Index is up 580.40 points or 1.47 percent to 40,164.98, after hitting a low of 40,217.42 earlier. Japanese shares ended sharply higher on Thursday.

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

In the tech space, Advantest is losing 1.5 percent, while Tokyo Electron is surging more than 5 percent and Screen Holdings is adding almost 3 percent.

In the banking sector, Sumitomo Mitsui Financial is edging up 0.4 percent and Mitsubishi UFJ Financial is gaining more than 1 percent, while Mizuho Financial is edging down 0.3 percent.

Among the major exporters, Sony is gaining almost 3 percent, Canon is adding almost 2 percent, while Panasonic and Mitsubishi Electric are advancing more than 2 percent each.

Among other major gainers, Yokohama Rubber is soaring 7.5 percent, while Kawasaki Heavy Industries and Disco are surging more than 6 percent each. Sumitomo Pharma and TDK are advancing almost 6 percent each, while Sumitomo Metal Mining and Mitsubishi Motors are gaining more than 5 percent each. Taiyo Yuden, Hitachi, Mitsui Mining & Smelting, Nissan Motor and IHI are rising almost 5 percent each, while Mazda Motor and Recruit Holdings are up more than 4 oercent each.

Conversely, Nidec is losing almost 3 percent.

In the currency market, the U.S. dollar is trading in the higher 144 yen-range on Friday.

On Wall Street, stocks showed a strong move to the upside over the course of the trading day on Thursday after ending the previous session little changed. With the upward move, the Nasdaq and the S&P 500 ended the day just shy of their record closing highs.

The major averages all posted strong gains on the day. The Nasdaq jumped 194.36 points or 1.0 percent to 20,167.91, the Dow advanced 404.41 points or 0.9 percent to 43,386.84 and the S&P 500 climbed 48.86 points or 0.8 percent to 6,141.02.

The major European markets also moved mostly higher on the day. The German DAX Index climbed by 0.6 percent and the U.K.'s FTSE 100 Index edged up by 0.2 percent, although the French CAC 40 Index closed just below the unchanged line.

Crude oil prices extended its recovery on Thursday amid the ongoing Israel-Iran ceasefire and reports of an increase in fuel demand in the U.S. West Texas Intermediate crude for August delivery closed up by $0.32 to settle at $65.24 per barrel.