Japanese Market Sharply Higher

(RTTNews) - Snapping a three-session losing streak, the Japanese stock market is sharply higher on Friday, following the broadly positive cues from global markets overnight. The benchmark Nikkei 225 is moving back above the 36,000 mark, with gains across most sectors led by exporters and technology stocks.

The benchmark Nikkei 225 Index is gaining 562.24 points or 1.59 percent to 36,028.41, after touching a high of 36,076.23 earlier. Japanese stocks closed slightly lower on Thursday.

Market heavyweight SoftBank Group is gaining 1.5 percent and Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Honda is edging down 0.1 percent, while Toyota is edging up 0.4 percent.

In the tech space, Advantest is surging almost 8 percent, Tokyo Electron is gaining more than 4 percent and Screen Holdings is adding 3.5 percent.

In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial are edging up 0.1 percent each, while Sumitomo Mitsui Financial is gaining almost 1 percent.

Among major exporters, Mitsubishi Electric is edging up 0.1 percent, Sony is gaining almost 2 percent and Panasonic is adding more than 1 percent, while Canon is losing almost 1 percent.

Among other major gainers, Sumco is surging almost 6 percent, Renesas Electronics is gaining more than 5 percent, Pacific Metals is adding more than 4 percent, Hoya is advancing almost 4 percent and Fuji Electric is up more than 3 percent, while Minebea Mitsumi, Daikin Industries and Taiyo Yuden are rising almost 3 percent each.

Conversely, Sapporo Holdings is losing almost 5 percent, while NEXON and Tokyo Gas are declining almost 3 percent each.

In economic news, overall consumer prices in Japan were up 2.6 percent on year in December, the Ministry of Internal Affairs and Communications said on Friday - in line with expectations and down from 2.8 percent in November. The December reading touched an 18-month low, although it remains above the Bank of Japan's target of 2 percent.

On a seasonally adjusted monthly basis, overall inflation eased 0.1 percent in December after slipping 0.2 percent in the previous month. Core CPI, which excludes volatile food costs, climbed an annual 2.3 percent - in line with forecasts and down from 2.5 percent a month earlier.

In the currency market, the U.S. dollar is trading in the lower 148 yen-range on Friday.

On Wall Street, stocks moved mostly higher over the course of the trading day on Thursday, largely offsetting the weakness seen to start the week. The major averages all moved to the upside, with the tech-heavy Nasdaq leading the advance.

The major averages reached new highs late in the session, closing firmly in positive territory. The Nasdaq surged 200.03 points or 1.4 percent to 15,055.65, the S&P 500 advanced 41.73 points or 0.9 percent to 4,780.93 and the S&P 500 climbed 201.94 points or 0.5 percent to 37,468.61.

The major European markets all also moved to the upside on the day. While the French CAC 40 Index jumped by 1.1 percent, the German DAX Index advanced by 0.8 percent and the U.K.'s FTSE 100 Index inched up by 0.2 percent.

Crude oil prices climbed higher Thursday, lifted by data showing a drop in U.S. crude inventories last week, and on higher forecasts for global demand. West Texas Intermediate Crude oil futures for February rallied $1.52 at $74.08 a barrel.