Japanese Market Sharply Higher

(RTTNews) - The Japanese stock market is trading sharply higher on Wednesday, extending the gains in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 54,550 level, with gains in financial and technology stocks.

The benchmark Nikkei 225 Index is up 876.38 or 1.63 percent at 54,576.77, after touching a high of 54,605.11 earlier. Japanese stocks ended notably higher Tuesday.

Market heavyweight SoftBank Group is advancing more than 5 percent and Uniqlo operator Fast Retailing is edging up 0.4 percent. Among automakers, Honda is edging down 0.1 percent, while Toyota is gaining almost 1 percent.

In the tech space, Advantest is advancing more than 4 percent, Screen Holdings is adding more than 1 percent and Tokyo Electron is gaining almost 2 percent.

In the banking sector, Mizuho Financial is advancing more than 2 percent, while Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are gaining almost 2 percent each.

Among the major exporters, Mitsubishi Electric is advancing more than 2 percent, Canon is edging up 0.3 percent and Panasonic is gaining more than 1 percent, while Sony is losing more than 2 percent.

Among other major gainers, Tokyo Electric Power is soaring more than 12 percent, Mitsubishi Materials is soaring more than 11 percent, Alps Alpine is surging more than 7 percent and Casio Computer is advancing more than 6 percent, while Yokohama Rubber and Mitsubishi are gaining almost 5 percent each. Mitsui O.S.K. Lines, ENEOS Holdings, JGC Holdings and NSK are adding more than 4 percent each, while Kawasaki Kisen Kaisha, Idemitsu Kosan and Sumitomo are up almost 4 percent each.

Conversely, Chugai Pharmaceutical is declining almost 5 percent.

In economic news, Japan posted a seasonally adjusted merchandise trade surplus of 57.296 billion yen in February, the Ministry of Finance said on Wednesday. That exceeded expectations for a deficit of 485.0 billion yen following the downwardly revised 1.163 trillion yen shortfall in January (originally a deficit of 1.152 trillion yen).

Exports rose 4.2 percent on year to 9.571 trillion yen - beating forecasts for an increase of 1.6 percent and slowing from 16.8 percent in the previous month. Imports rose an annual 10.2 percent versus expectations for 11.5 percent following the 2.6 percent contraction a month earlier.

In the currency market, the U.S. dollar is trading in the lower 159 yen-range on Wednesday.

On the Wall Street, stocks showed another strong move to the upside in early trading on Tuesday following the recovery rally seen in the previous session, but gave back ground over the course of the day. The major averages pulled back well off their highs of the session but managed to close in positive territory.

The major averages added to the strong gains posted on Monday, climbing further off Friday's three-month closing lows. The Nasdaq climbed 105.35 points or 0.5 percent to 22,479.53, the S&P 500 rose 16.71 points or 0.3 percent to 6,716.09 and the Dow inched up 46.85 points or 0.1 percent to 46,993.26. The major European markets all also moved to the upside on the day. While the U.K.'s FTSE 100 Index advanced by 0.8 percent, the German DAX Index climbed by 0.7 percent and the French CAC 40 Index rose by 0.5 percent.

Crude oil prices surged Tuesday as Iran stepped up its attack on energy infrastructure in the Middle East in its war against the U.S. and Israel. West Texas Intermediate crude for April delivery was up $2.57 or 2.75 percent at $96.07 per barrel.