TOKYO (dpa-AFX) - The Japanese stock market is notably higher on Tuesday as the market resumed trading after a long holiday weekend and played catch-up with the rally in other Asian markets the previous day.
The benchmark Nikkei 225 Index is adding 382.13 points or 1.75 percent to 22,181.00, after touching a high of 22,185.68 in early trades.
The major exporters are higher on a weaker yen. Panasonic and Mitsubishi Electric are rising more than 2 percent each, while Canon is advancing almost 2 percent and Sony is adding almost 1 percent.
In the tech space, Advantest is higher by 2 percent and Tokyo Electron is up more than 1 percent. Among auto stocks, Honda Motor is advancing more than 2 percent and Toyota Motor is adding more than 1 percent.
Market heavyweight SoftBank is rising more than 3 percent and Fast Retailing is adding more than 1 percent.
In the oil sector, Inpex is rising almost 2 percent and Japan Petroleum is adding 0.3 percent even as crude oil prices declined almost 2 percent overnight.
Among the other major gainers, Kawasaki Kisen Kaisha is gaining more than 7 percent, Mitsui OSK Lines is rising more than 5 percent and Fujikura is higher by 5 percent.
On the flip side, Cyberagent is losing almost 2 percent.
On the economic front, Japan will see August results for its tertiary industry index and final August figures for industrial production today.
In the currency market, the U.S. dollar is trading in the lower 108 yen-range on Tuesday.
On Wall Street, stocks closed modestly lower on Monday in choppy trading amid light volume due to the Columbus Day holiday as well as on renewed uncertainty about a trade deal with China. President Donald Trump announced on Friday that the U.S. and China have reached a 'very substantial phase one deal,' although reports suggest China wants another round of talks before signing the agreement.
A person familiar with the matter told Bloomberg News that China may send a delegation led by Vice Premier Liu He to finalize a written deal that could be signed at the Asia-Pacific Economic Cooperation summit next month in Chile.
The Dow dipped 29.23 points or 0.1 percent to 26,787.36, the Nasdaq edged down 8.39 points or 0.1 percent to 8,048.65 and the S&P 500 slipped 4.12 points or 0.1 percent to 2,966.15.
The major European markets also moved to the downside on Monday. While the German DAX Index dipped by 0.2 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index fell by 0.4 percent and 0.5 percent, respectively.
Crude oil futures drifted lower on Monday as weak data out of China and fading optimism about U.S.-China trade deal raised concerns about the outlook for energy demand. WTI crude for November declined $1.11, or about 2 percent, to close at $53.59 a barrel.
Copyright RTT News/dpa-AFX