Japanese Market Sharply Higher

(RTTNews) - Recouping to the losses in the previous session, the Japanese stock market is sharply higher on Friday, following the broadly positive cues from Wall Street overnight. The benchmark Nikkei 225 is moving above the 33,000 mark, with gains across most sectors led by index heavyweights and technology stocks.

The benchmark Nikkei 225 Index is gaining 595.43 points or 1.21 percent to 33,081.68, after touching a high of 33,118.37 earlier. Japanese stocks closed significantly lower on Thursday.

Market heavyweight SoftBank Group is gaining more than 2 percent and Uniqlo operator Fast Retailing is edging up 0.3 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is adding more than 1 percent.

In the tech space, Advantest is gaining more than 5 percent, Screen Holdings is adding almost 1 percent and Tokyo Electron is advancing more than 2 percent.

In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial are edging down 0.3 to 0.5 percent each, while Sumitomo Mitsui Financial is adding more than 2 percent.

Among major exporters, Mitsubishi Electric is gaining almost 2 percent, Sony is up almost 3 percent and Panasonic is edging up 0.3 percent, while Canon is losing almost 1 percent.

Among other major gainers, Shin-Etsu Chemical is soaring more than 6 percent, Yaskawa Electric is surging almost 6 percent and Kawasaki Kisen Kaisha is gaining almost 4 percent, while Inpex, Pacific Metals, Taiyo Yuden, Mitsui O.S.K. Lines and Keyence are adding more than 3 percent each. Resonac Holdings, Rakuten Group and Nippon Yusen K.K. are up almost 3 percent each.

Conversely, Sumitomo Pharma is losing more than 6 percent, while Nichirei, Nisshin Seifun Group and Nissui are declining more than 3 percent each. Chubu Electric Power is down almost 3 percent.

In economic news, the manufacturing sector in Japan continued to contract in December, and at a faster pace, the latest survey from Jibun Bank revealed on Friday with a flash Performance of Manufacturing Index score of 47.7. That's down from 48.3 in November and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction. The survey also showed that the services index improved to 52.0 in December from 50.8 in November.

In the currency market, the U.S. dollar is trading in the lower 142 yen-range on Friday.

On Wall Street, stocks saw further upside during trading on Thursday following the substantial rally seen late in the previous session. Buying interest was somewhat subdued on the day, although the Dow still managed to reach a new record closing high.

The Dow climbed 158.11 points or 0.4 percent to 37,248.35, closing higher for the sixth consecutive session. The Nasdaq edged up 27.59 points or 0.2 percent to 14,761.56 and the S&P 500 rose 12.46 points or 0.3 percent to 4,719.55, reaching their best closing levels in almost two years.

The major European markets moved mostly higher on the day. The U.K.'s FTSE 100 Index surged by 1.3 percent and the French CAC 40 Index climbed by 0.6 percent, although the German DAX Index bucked the uptrend and edged down by 0.1 percent.

Crude oil futures surged on Thursday for the second straight day, lifted by a weak dollar and an upward revision in global oil demand forecast by the International Energy Agency. West Texas International Crude oil futures for January spiked $2.11 or 3 percent at $71.58 a barrel.