Japanese Market Significantly Lower

(RTTNews) - The Japanese stock market is significantly lower on Wednesday, giving up some of the gains in the previous two sessions, following the broadly negative cues from global markets overnight. The Nikkei 225 is falling to stay a tad above the 38,100 level, with losses across most sectors led by index heavyweights and technology stocks amid a spike in treasury yields.

The benchmark Nikkei 225 Index is down 294.52 or 0.77 percent at 38,111.14, after hitting a low of 39,217.04 earlier. Japanese stocks ended sharply higher on Tuesday.

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

In the tech space, Advantest is gaining more than 2 percent, while Screen Holdings and Tokyo Electron are down more than 1 percent each.

In the banking sector, Mizuho Financial is losing almost 2 percent, Mitsubishi UFJ Financial is down more than 1 percent and Sumitomo Mitsui Financial is edging down 0.5 percent.

Among the major exporters, Sony is losing almost 1 percent, Panasonic is declining more than 1 percent and Canon is edging down 0.3 percent, while Mitsubishi Electric is gaining more than 2 percent.

Among other major losers, JGC Holdings plummeting almost 11 percent and Tobu Railway is declining more than 5 percent, while Mitsui O.S.K. Lines, Kawasaki Kisen Kaisha, Nomura Holdings, Japan Exchange Group and Toto are losing more than 4 percent each. Tokyo Electric Power, Mitsubishi Motors, Nippon Electric Glass and Mercari are slipping almost 4 percent each, while ZOZO, M3, Nippon Yusen K.K. and Fuji Electric are losing more than 3 percent each.

Conversely, Lasertec is skyrocketing more than 14 percent and West Japan Railway is soaring more than 7 percent, while Shiseido and Tokyo Gas are gaining almost 3 percent each.

In economic news, the manufacturing sector in Japan continued to contract in April, albeit at a slower pace, the latest survey from Jibun Bank revealed on Wednesday with a manufacturing PMI score of 49.6. That's up from 48.2 in March, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction. Latest data showed that output was down again in April, extending the current period of contraction to 11 months

In the currency market, the U.S. dollar is trading in the higher 157 yen-range on Wednesday.

On the Wall Street, stocks went down south on Tuesday, sliding lower and lower after a weak start, as concerns about inflation and uncertainty about the Fed's interest rate moves rendered the mood bearish.

The major averages all ended sharply lower, with the Nasdaq suffering a more pronounced loss. The Dow ended down by 570.17 points or 1.49 percent at 37,815.92. The S&P 500 dropped 80.48 points or 1.57 percent to 5,035.69, while the Nasdaq tumbled 325.26 points or 2.04 percent to settle at 15,657.82.

The major European markets also moved to the downside on the day. The U.K.'s FTSE 100 edged down 0.04 percent, Germany's DAX and France's CAC 40 ended down 1.03 percent and 0.99 percent, respectively.

Crude oil prices drifted lower on Tuesday, weighed down by a stronger dollar, rising crude production in the U.S. and concerns about economic growth and the outlook for oil demand. West Texas Intermediate Crude oil futures for June ended down by $0.70 at $81.93 a barrel.