Japanese Market Sharply Higher

(RTTNews) - The Japanese stock market is sharply higher on Monday, reversing some of the losses in the previous two sessions, following the broadly positive cues from Wall Street on Friday. The Nikkei 225 is moving above the 66,500 level, with gains in exporters and technology stocks partially offset by weakness in index heavyweights, automakers and financial stocks.

The benchmark Nikkei 225 Index is up 907.87 points or 1.38 percent at 66,514.58, after touching a high of 66,685.59 earlier. Japanese shares ended slightly lower on Friday.

Market heavyweight SoftBank Group is losing almost 2 percent and Uniqlo operator Fast Retailing is down more than 1 percent. Among automakers, Honda is down more than 1 percent and Toyota is losing almost 1 percent.

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

In the banking sector, Sumitomo Mitsui Financial, Mitsubishi UFJ Financial and Mizuho Financial are all losing more than 2 percent each.

The major exporters are mostly lower. Mitsubishi Electric is gaining almost 1 percent, Canon is down almost 1 percent, Panasonic is advancing almost 2 percent and Sony is adding almost 1 percent.

Among the other major gainers, Recruit Holdings is skyrocketing almost 23 percent and Nippon Express is soaring almost 9 percent, while Nitori Holdings and Olympus are jumping more than 7 percent. Terumo, Ibiden, Fujikura and Dai Nippon Printing are surging more than 6 percent each. UBE, Sumitomo Metal Mining, Tokai Carbon and Yamaha Motor are advancing almost 6 percent each, while Disco is gaining more than 5 percent, Nitori Holdings is adding more than 4 percent and Taiyo Yuden is up almost 4 percent.

Conversely, Mitsui Kinzoku is plummeting more than 19 percent, CyberAgent is plunging more than 15 percent, Secaom is tumbling more than 7 percent and KDDI is sliding almost 6 percent, while ENEOS Holdings and Fukuoka Financial are slipping almost 5 percent each. Dai-ichi Life Group and Kawasaki Heavy Industries are declining more than 4 percent each, while Nichirei is losing almost 4 percent. Japan Post Holdings and Kajima are down more than 3 percent each, while Mitsui Fudosan, T&D Holdings and Mitsubishi Heavy Industries are falling almost 3 percent each.

In the currency market, the U.S. dollar is trading in the lower 158 yen-range on Monday.

On Wall Street, stocks have moved mostly higher during trading on Friday, largely offsetting the pullback seen over the two previous sessions. The major averages have all moved back to the upside, with the tech-heavy Nasdaq posting a standout gain.

Currently, the major averages are off their highs of the session but still in positive territory. The Nasdaq is up 290.73 points or 1.1 percent at 26,639.08, the S&P 500 is up 43.52 points or 0.6 percent at 7,753.48 and the Dow is up 139.50 points or 0.3 percent at 54,024.60.

The major European markets have also all moved to the upside on the day. While the German DAX Index is up by 1 percent, the U.K.'s FTSE 100 Index is up by 0.5 percent and the French CAC 40 Index is up by 0.4 percent.

Crude oil prices advanced on Friday amid lingering uncertainty in the Middle East following attacks by the Iran-aligned Houthis on a military camp in Yemen and in Saudi Arabia. West Texas Intermediate crude for September delivery was up $0.81 or 1.1 percent at $78.10 a barrel.