TOKYO (dpa-AFX) - The Japanese stock market is advancing on Tuesday, extending gains from the previous session, following the record closing highs overnight on Wall Street and on a weaker yen. The benchmark Nikkei 225 Index hit a 22-month intraday high.
In late-morning trades, the benchmark Nikkei 225 Index is adding 244.93 points or 1.22 percent to 20,312.68, off a high of 20,314.90 in early trades.
The major exporters are mostly higher on a weaker yen. Panasonic is rising more than 2 percent, Sony is up 0.3 percent and Toshiba is adding 0.2 percent, while Canon is lower by 0.2 percent.
Among automakers, Toyota is adding 0.6 percent and Honda is rising 0.3 percent. In the banking sector, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are advancing more than 1 percent each.
In the oil space, Inpex is rising more than 1 percent, while XTG Holdings is losing 0.3 percent.
Among the other major gainers, Taiyo Yuden and Suzuki are rising more than 4 percent each, while Minebea Mitsumi is higher by more than 3 percent. Among the worst performers, Haseko Corp. is losing almost 5 percent.
In economic news, Japan will release May figures for nationwide and Tokyo area department store sales today.
In the currency market, the U.S. dollar is trading in the upper 111 yen-range on Tuesday.
On Wall Street, the Dow and the S&P 500 climbed to new record closing highs, with buying interest partly in reaction to strength in the overseas markets that benefited from political news out of Europe.
French President Emmanuel Macron's party won a clear parliamentary majority in Sunday's election, while Brexit negotiations with the EU have begun after Britain bowed to pressure for a formal opening to their long-awaited negotiations.
The Dow climbed 144.71 points or 0.7 percent to 21,528.99, the Nasdaq surged up 87.25 points or 1.4 percent to 6,239.01 and the S&P 500 advanced 20.31 points or 0.8 percent to 2,453.46.
The major European markets also moved to the upside on Monday. While the German DAX Index surged up by 1.1 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index advanced by 0.9 percent and 0.8 percent, respectively.
Crude oil futures fell Monday as the dollar strengthened on expectations the Federal Reserve will again raise interest rates in the next few months. WTI crude oil slipped $0.58 to close at $44.17 a barrel on the New York Mercantile Exchange.
Copyright RTT News/dpa-AFX