Japanese Market Significantly Lower

(RTTNews) - The Japanese stock market is significantly lower on Wednesday, giving up some of the gains in the previous three sessions, following the broadly negative cues from global markets overnight. The Nikkei 225 is retreating from 34-year highs and falling to near the 37,700 level, with losses in index heavyweights and exporters partially offset by gains in technology stocks.

The benchmark Nikkei 225 Index is down 251.25 or 0.66 percent at 37,712.72, after hitting a low of 37,639.12 earlier. Japanese stocks ended sharply higher on Tuesday.

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

In the tech space, Advantest is edging up 0.5 percent, Tokyo Electron is adding almost 1 percent and Screen Holdings is gaining more than 4 percent.

In the banking sector, Mizuho Financial and Mitsubishi UFJ Financial are edging down 0.1 to 0.4 percent each, while Sumitomo Mitsui Financial is edging up 0.3 percent.

Among the major exporters, Sony, Mitsubishi Electric and Canon are losing almost 2 percent each, while Panasonic is declining more than 3 percent. Among other major losers, Mercari is plummeting 11.5 percent, Shiseido is plunging almost 6 percent and SMC is sliding almost 5 percent, while Dowa Holdings and Mazda Motor are losing more than 4 percent each. Hitachi Zosen, Tokai Carbon, Pacific Metals, Nikon, Nippon Paper Industries, Asahi Group, Japan Tobacco, Nippon Steel and Taiyo Yuden are all declining almost 4 percent each, while Yamaha is down more than 3 percent.

Conversely, Citizen Watch is surging almost 6 percent, Sapporo Holdings is advancing more than 5 percent and Idemitsu Kosan is gaining almost 5 percent.

In the currency market, the U.S. dollar is trading in the higher 150 yen-range on Wednesday.

On the Wall Street, stocks moved sharply lower during trading on Tuesday, with the major averages all showing significant moves to the downside after ending Monday's trading narrowly mixed. The Dow pulled back well off yesterday's record closing highs.

The major averages climbed off their worst levels going into the close but still posted steep losses on the day. The Dow tumbled 524.63 points or 1.4 percent to 38,272.75, the Nasdaq plunged 286.95 points or 1.8 percent to 15,655.60 and the S&P 500 slumped 68.67 points or 1.4 percent to 4,953.17.

The major European markets also all moved to the downside on the day. While the German DAX Index slumped by 0.9 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index both slid by 0.8 percent.

Crude oil prices climbed higher Tuesday amid concerns about supply due to the ongoing tensions in the Middle East. West Texas Intermediate Crude oil futures for March rose $0.95 or 1.25 percent at $77.87 a barrel, up for a seventh straight session.