Japanese Market Sharply Higher

(RTTNews) - The Japanese stock market is trading sharply higher on Tuesday, reversing the sharp losses in the previous session, despite the broadly negative cues from Wall Street overnight, with the Nikkei 225 moving above the 39,100 level, with gains across most sectors led by index heavyweights and technology stocks, after US President Donald Trump's delayed the imposition of tariffs on major U.S. trading partners. The benchmark Nikkei 225 Index is up 599.27 points or 1.56 percent at 39,119.36, after touching a high of 39,192.51 earlier. Japanese shares ended sharply lower on Monday.

Market heavyweight SoftBank Group is gaining more than 1 percent and Uniqlo operator Fast Retailing is edging up 0.2 percent. Among automakers, Honda is gaining more than 2 percent and Toyota is advancing almost 3 percent.

In the tech space, Advantest is advancing more than 4 percent, Tokyo Electron is gaining more than 2 percent and Screen Holdings is adding almost 2 percent.

In the banking sector, Mitsubishi UFJ Financial is gaining almost 1 percent and Sumitomo Mitsui Financial is adding more than 1 percent, while Mizuho Financial is flat.

The major exporters are mostly higher. Panasonic and Mitsubishi Electric are gaining almost 1 percent each, while Canon is advancing more than 3 percent and Sony is adding almost 2 percent.

Among the other major gainers, Yamato Holdings is skyrocketing more than 9 percent, while Sumitomo Chemical and Kyocera are soaring almost 9 percent each. Sumitomo Pharma is surging almost 8 percent, while Taiyo Yuden and Murata Manufacturing are advancing almost 7 percent each. Furukawa Electric and Mazda Motor are gaining more than 5 percent each, while NTT Data Group, JTEKT, Sumitomo Electric Industries and Osaka Gas are adding almost 5 percent. Nitto Denko, Lasertec and Japan Steel Works are up more than 4 percent each.

Conversely, Mitsubishi Motors is tumbling more than 12 percent and Aozora Bank is losing almost 4 percent.

In the currency market, the U.S. dollar is trading in the lower 155 yen-range on Tuesday.

On Wall Street, stocks moved sharply lower early in the session on Monday but regained ground over the course of the trading day. The major averages climbed well off their worst levels, with the Dow briefly reaching positive territory, but ended the day in the red.

After plunging by as much as 2.5 percent in early trading, the tech-heavy Nasdaq finished the session down 235.49 points or 1.2 percent at 19,391.96. The S&P 500 also slid 45.96 points or 0.8 percent to 5,994.57, while the Dow fell 122.75 points or 0.3 percent to 44,421.91.

The major European markets also showed notable moves to the downside. While the German DAX Index tumbled 1.4 percent, the French CAC 40 Index slumped by 1.2 percent and the U.K.'s FTSE 100 Index slid by 1.0 percent.

Crude oil prices settled higher on Monday after Trump's imposed tariffs on imports from Canada threatened to disrupt North America's tightly integrated oil market. West Texas Intermediate Crude oil futures for March settled at $73.16 a barrel, up $0.63 or about 0.87 percent.