TOKYO (dpa-AFX) - The Japanese market is trading notably lower on Thursday, snapping a four-session winning streak, following the broadly negative cues from Wall Street overnight. The Nikkei 225 is falling well below the 38,200 level, with weakness across most sectors led by automakers, exporters and technology stocks. Financial stocks are the only bright spot.
The benchmark Nikkei 225 Index is down 245.21 points or 0.64 percent to 38,175.98, after hitting a low of 38,107.32 earlier. Japanese shares ended notably higher on Wednesday.
Market heavyweight SoftBank Group is losing almost 1 percent and Uniqlo operator Fast Retailing is declining almost 2 percent. Among automakers, Toyota is losing almost 2 percent and Honda is declining almost 1 percent.
In the tech space, Advantest is edging up 0.5 percent, while Tokyo Electron is losing almost 1 percent and Screen Holdings is declining almost 3 percent.
In the banking sector, Mizuho Financial is gaining almost 1 percent, while Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are edging up 0.4 percent each.
Among the major exporters, Sony is edging up 0.3 percent, while Mitsubishi Electric is edging down 0.4 percent, Panasonic is slipping almost 2 percent and Canon is losing almost 1 percent.
Among other major losers, BayCurrent is declining more than 5 percent, Sumco is losing almost 4 percent and Hino Motors is down more than 3 percent, while Mitsui Mining & Smelting, Yaskawa Electric, Recruit Holdings and Isetan Mitsukoshi are declining almost 3 percent each.
Conversely, Sumitomo Pharma is soaring almost 17 percent and Mitsubishi Heavy Industries is gaining more than 3 percent, while Japan Steel Works and Kawasaki Heavy Industries are adding almost 3 percent each.
In the currency market, the U.S. dollar is trading in the higher 143 yen-range on Thursday.
On Wall Street, stocks gave back ground over the course of the trading day on Wednesday after moving to the upside early in the session. The major averages pulled back well off their early highs and the session in negative territory.
The tech-heavy Nasdaq fell 99.11 points or 0.5 percent to 19,615.88, the S&P 500 dipped 16.57 points or 0.3 percent to 6,022.24 and the Dow edged down 1.10 points or less than a tenth of a percent to 42,865.77.
Meanwhile, the major European markets turned in a mixed performance on the day. While the U.K.'s FTSE 100 Index inched up by 0.1 percent, the German DAX Index dipped by 0.2 percent and the French CAC 40 Index fell by 0.4 percent.
Crude oil prices surged on Wednesday amid the trade talks between the U.S. and China, as well as a fresh stand-off between the U.S. and Iran over a nuclear deal. West Texas Intermediate crude for July delivery closed up by $3.32 or 5.11 percent to settle at $68.30 per barrel.
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