Japanese Market Significantly Higher

(RTTNews) - The Japanese market is trading significantly higher on Thursday, reversing the losses in the previous session, despite the broadly negative cues from Wall Street overnight. The Nikkei 225 is moving up to near the 66,900 level, with gains in financial and technology stocks partially offset by weakness in automaker and exporter stocks.

The benchmark Nikkei 225 Index is up 774.44 points or 1.17 percent to 66,890.04, after touching a high of 66,972.34 earlier. Japanese stocks ended modestly lower on Wednesday.

Market heavyweight SoftBank Group is edging up 0.1 percent, while Uniqlo operator Fast Retailing is losing more than 1 percent. Among automakers, Toyota is edging down 0.2 percent and Honda is also edging down 0.3 percent.

In the tech space, Advantest is jumping almost 6 percent, while Screen Holdings and Tokyo Electron are advancing almost 3 percent each.

In the banking sector, Mizuho Financial is advancing almost 3 percent, while Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are gaining almost 2 percent each.

Among the major exporters, Mitsubishi Electric is gaining more than 2 percent. Panasonic is losing almost 1 percent, while Sony and Canon are edging down 0.2 to 0.5 percent each.

Among other major gainers, Lasertec is soaring more than 8 percent, while Disco, Murata Manufacturing and Sumitomo Metal Mining are surging almost 5 percent each. Ebara, IHI, Sumco and Toppan Holdings are advancing almost 4 percent each, while Socionext, Yaskawa Electric and Renesas Electronics are gaining more than 3 percent each. Resonac Holdings is adding almost 3 percent.

Conversely, Mitsubishi Motors is declining almost 5 percent, SHIFT is losing more than 4 percent and Sumitomo Realty & Development is down more than 3 percent. In the currency market, the U.S. dollar is trading in the lower 163 yen-range on Thursday.

On Wall Street, stocks showed a lack of direction over the course of the trading day on Wednesday following the strength seen in the previous session. The major averages spent the day bouncing back and forth across the unchanged line before eventually closing in negative territory.

The Nasdaq slid 146.30 points or 0.6 percent to 25,690.90 and the S&P 500 edged down 10.24 points or 0.1 percent to 7,498.96. The narrower Dow spent most of the day in positive territory but closed down 6.06 points or less than a tenth of a percent at 52,218.58.

Meanwhile, the major European markets all moved to the upside on the day. While the U.K.'s FTSE 100 Index jumped by 1.2 percent, the French CAC 40 Index advanced by 0.9 percent and the German DAX Index climbed by 0.6 percent.

Crude oil prices jumped again on Wednesday on supply disruption concerns as the conflict between the U.S. and Iran shows no sings of letting up. West Texas Intermediate crude for September delivery was up $2.62 or 3.11 percent at $86.96 per barrel.