Japanese Market Sharply Higher; Up 1000 Points

(RTTNews) - The Japanese stock market is sharply higher on Wednesday, reversing the losses in the previous two sessions, following the mixed cues from Wall Street overnight. The Nikkei 225 is surging more than 1000 points to above the 40,800 level, with gains across all sectors led by exporters, automakers and financial stocks.

The benchmark Nikkei 225 Index is up 1,031.61 or 2.59 percent at 40,806.53, after touching a high of 40,825.07 earlier. Japanese stocks ended slightly lower on Tuesday.

Market heavyweight SoftBank Group is gaining more than 1 percent and Uniqlo operator Fast Retailing is surging almost 5 percent. Among automakers, Honda is surging almost 9 percent and Toyota is skyrocketing almost 12 percent.

In the tech space, Advantest is edging down 0.2 percent, while Tokyo Electron and Screen Holdings are adding almost 1 percent each.

In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are advancing more than 4 percent each, while Mitsubishi UFJ Financial is gaining almost 4 percent.

Among the major exporters, Canon and Sony are gaining more than 4 percent each, while Panasonic is surging almost 6 percent and Mitsubishi Electric is adding more than 1 percent.

Among other major gainers, Mazda Motor is skyrocketing almost 18 percent, while Subaru and Mitsubishi Motors are soaring more than 14 percent each. Nissan Motor and Yamaha Motor are surging more than 8 percent each, while Denso, Yaskawa Electric, Fanuc and Kubota are advancing more than 8 percent each. NTN, TDK, SMC and Minebea Mitsumi are rising almost 8 percent each.

Conversely, Toho is losing almost 3 percent.

In the currency market, the U.S. dollar is trading in the higher 146 yen-range on Wednesday.

On the Wall Street, stocks regained ground over the course of the trading day on Tuesday after coming under pressure early in the session. The major averages climbed well off their worst levels of the day before eventually ending the session narrowly mixed.

While the tech-heavy Nasdaq fell 81.49 points or 0.4 percent to 20,892.69, the S&P 500 inched up 4.02 points or 0.1 percent to 6,309.62 and the Dow climbed 179.37 points or 0.4 percent to 44,502.44.

The major European markets also ended the day mixed. The German DAX Index slumped by 1.1 percent and the French CAC 40 Index slid by 0.7 percent, although the U.K.'s FTSE 100 Index bucked the downtrend and inched up by 0.1 percent.

Crude oil prices moved lower for a third straight session on Tuesday as continuing uncertainty on tariff negotiations between the U.S. and its trading partners has increased demand concerns. West Texas Intermediate crude closed down by $0.99 to settle at $66.21 per barrel.