Japanese Market Sharply Higher

(RTTNews) - The Japanese stock market is sharply higher on Monday, snapping a four-session losing streak, following the mixed cues from Wall Street on Friday. The Nikkei 225 is moving above the 58,850 level, with gains across most sectors led by financial and technology stocks.

The benchmark Nikkei 225 Index is up 1,450.06 points or 2.52 percent at 58,884.83, after touching a high of 59,007.39 earlier. Japanese shares ended sharply lower on Friday.

Market heavyweight SoftBank Group is declining almost 5 percent, while Uniqlo operator Fast Retailing is advancing almost 3 percent. Among automakers, Honda is gaining almost 3 percent and Toyota is advancing almost 4 percent.

In the tech space, Advantest is gaining almost 3 percent, Tokyo Electron is jumping almost 5 percent and Screen Holdings is surging almost 5 percent.

In the banking sector, Sumitomo Mitsui Financial is advancing more than 4 percent, Mizuho Financial is jumping more than 5 percent and Mitsubishi UFJ Financial is surging almost 5 percent.

The major exporters are mostly higher. Mitsubishi Electric is surging almost 5 percent, Panasonic is advancing more than 3 percent, Sony is gaining almost 3 percent and Canon is adding more than 2 percent.

Among the other major gainers, Renesas Electronics is soaring more than 8 percent and Fujitsu is jumping more than 7 percent, while Furukawa Electric, Sumitomo Electric Industries, BayCurrent, Kokusai Electric and Disco are surging almost 7 percent each. Japan Steel Works, SHIFT and Sumitomo Heavy Industries are advancing more than 6 percent each. OKUMA, NEC, Chugai Pharmaceutical and Mitsui Kinzoku are gaining almost 6 percent, while Yamaha Motor is adding more than 5 percent.

Conversely, Tokyu Fudosan is tumbling more than 5 percent and Mitsui Fudosan is declining more than 4 percent.

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

On Wall Street, stocks moved back to the upside during trading on Friday following the sell-off seen during Thursday's session. The tech-heavy Nasdaq showed a notable rebound, although the Dow saw continued weakness.

The major averages ended the day mixed. While the Dow fell 237.33 points or 0.5 percent to 51,285.73, the S&P 500 rose 23.13 points or 0.3 percent to 7,376.86 and the Nasdaq jumped 264.43 points or 1.1 percent to 24,579.42.

Meanwhile, the major European markets showed notable moves to the downside. The German DAX Index tumbled by 1.9 percent, the U.K.'s FTSE 100 Index slid by 1 percent and the French CAC 40 Index fell by 0.8 percent.

Crude oil prices moved higher on Friday on continued signals of war risk after U.S. President Donald Trump refused to rule out renewing attacks on Iran. West Texas Intermediate crude for December delivery was up $0.46 or 0.51 percent at $90.98 per barrel.