Japanese Market Significantly Higher

(RTTNews) - The Japanese stock market is significantly higher on Tuesday, recouping some of the losses in the previous session, with the Nikkei 225 moving above the 28,100 level, despite the broadly negative cues from global markets overnight, with particular strength in exporters, technology and financial stocks even as traders remain concerned over the outlook for interest rates and rising inflation.

The benchmark Nikkei 225 Index is up 258.06 points or 0.93 percent at 28,137.02, after touching a high of 28,177.19 earlier. Japanese shares ended sharply lower on Monday.

Market heavyweight SoftBank Group is gaining almost 2 percent, while Uniqlo operator Fast Retailing is edging down 0.2 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is edging up 0.5 percent.

In the tech space, Advantest is gaining almost 1 percent, Screen Holdings is adding more than 1 percent and Tokyo Electron is advancing almost 2 percent. In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial are edging up 0.3 to 0.5 percent each, while Sumitomo Mitsui Financial is gaining almost 1 percent.

The major exporters are higher, with Mitsubishi Electric gaining almost 1 percent, while Sony, Canon and Panasonic are edging up 0.3 to 0.5 percent each. Among the other major gainers, NEC is surging more than 6 percent and Inpex is gaining more than 4 percent, while Mitsubishi Heavy Industries, Sumitomo Osaka Cement, IHI and Unitika are adding almost 4 percent each. JGC Holdings, OKUMA, Kawasaki Heavy Industries, Tokyo Electric Power, Taiheiyo Cement and Mitsui E&S Holdings are all up more than 3 percent each, while Mitsui & Co., NEXON and Fujitsu are advancing almost 3 percent each.

Conversely, there are no major losers.

In the currency market, the U.S. dollar is trading in the higher 138 yen-range on Tuesday.

On Wall Street, stocks saw further downside during trading on Monday following the sell-off seen last Friday. The major averages all came under pressure, ending the session at their lowest closing levels in a month.

The major averages ended the session off their lows but remained firmly negative. The Dow fell 184.41 points or 0.6 percent at 32,098.99, the Nasdaq slumped 124.04 points or 1 percent to 12,017.67 and the S&P 500 dropped 27.05 points or 0.7 percent to 4,030.61.

The major European markets also moved to the downside on the day. While the German DAX Index fell by 0.6 percent, the U.K.'s FTSE 100 Index decrease by 0.7 percent and the French CAC 40 Index dropped by 0.8 percent. Crude oil prices moved sharply higher on Monday amid indications that OPEC will decrease production if a deal with Iran to lift sanctions comes to pass. Crude oil for October delivery surged $3.95 or 4 percent to $97.01 a barrel.