TOKYO (dpa-AFX) - The Japanese stock market is trading significantly higher on Wednesday, reversing the slight losses in the previous three sessions, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 37,750 level, with gains across most sectors led by index heavyweights and technology stocks.
The benchmark Nikkei 225 Index is up 319.25 or 0.85 percent at 37,766.06, after touching a high of 37,868.42 earlier. Japanese stocks ended slightly lower on Tuesday.
Market heavyweight SoftBank Group is gaining almost 1 percent and Uniqlo operator Fast Retailing is also up almost 1 percent. Among automakers, Honda is edging up 0.1 percent and Toyota is gaining almost 2 percent.
In the tech space, Advantest is gaining more than 3 percent, Tokyo Electron is adding 1.5 percent and Screen Holdings is advancing almost 4 percent.
In the banking sector, Sumitomo Mitsui Financial is gaining almost 1 percent, Mizuho Financial is advancing more than 1 percent and Mitsubishi UFJ Financial is edging up 0.4 percent.
Among the major exporters, Canon is edging down 0.1 percent and Mitsubishi Electric is losing almost 1 percent, while Panasonic and Sony are gaining almost 1 percent each.
Among other major gainers, Sumitomo Pharma is soaring almost 10 percent, Shiseido is surging more than 5 percent and Furukawa Electric is gaining more than 4 percent, while Fuji Electric and Renesas Electronics are advancing almost 4 percent each. Japan Steel Works, Mercari and Yaskawa Electric are adding almost 3 percent each.
Conversely, there are no other major losers.
In the currency market, the U.S. dollar is trading in the higher 143 yen-range on Wednesday.
On the Wall Street, stocks saw further upside during trading on Tuesday after recovering from early weakness to end Monday's session mostly higher. With the continued upward move, the Nasdaq and the S&P 500 reached their best closing levels in over three months.
The major averages ended the day off their highs of the session but still firmly positive. The Nasdaq advanced 156.34 points or 0.8 percent to 19,398.96, the S&P 500 climbed 34.43 points or 0.6 percent to 5,970.37 and the Dow rose 214.16 points or 0.5 percent to 42,519.64.
The major European markets all also moved to the upside on the day. While the German DAX Index advanced by 0.7 percent, the French CAC 40 Index rose by 0.3 percent and the U.K.'s FTSE 100 Index edged up by 0.2 percent.
Crude oil prices showed another strong move to the upside during trading on Tuesday amid ongoing concerns about supply due to escalating geopolitical tensions and stuttering U.S.-Iran nuclear talks. West Texas Intermediate crude for July delivery jumped $0.89 or 1.4 percent to $63.41 a barrel.
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