TOKYO (dpa-AFX) - The Japanese stock market is sharply higher on Wednesday, extending the gains in the previous six sessions, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving a tad above the 43,300 level to fresh record all-time highs, with gains across all sectors led by exporters and financial stocks.
The benchmark Nikkei 225 Index is up 582.07 or 1.36 percent at 43,300.24, after touching fresh all-time highs high of 43,309.62 earlier. Japanese stocks ended sharply higher on Tuesday.
Market heavyweight SoftBank Group is edging down 0.5 percent, while Uniqlo operator Fast Retailing is gaining 1.5 percent. Among automakers, Honda is adding almost 1 percent and Toyota is gaining more than 1 percent.
In the tech space, Advantest and Tokyo Electron are advancing more than 2 percent each, while Screen Holdings is slipping almost 1 percent.
In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are gaining almost 1 percent each, while Mitsubishi UFJ Financial is edging up 0.2 percent.
Among the major exporters, Mitsubishi Electric, Canon and Panasonic are gaining more than 1 percent each, while Sony is surging more than 5 percent.
Among other major gainers, Yokohama Rubber is skyrocketing more than 9 percent and Renesas Electronics is soaring more than 6 percent, while Hino Motors and Tokyo Electric Power are surging more than 5 percent each. Socionext and Fanuc are gaining more than 4 percent each, while Recruit Holdings, Furukawa Electric, Terumo, TDK and Yaskawa Electric are adding more than 3 percent each. Taiyo Yuden, Komatsu and Nippon Express are advancing almost 3 percent each.
Conversely, there are no other major losers.
In economic news, producer prices in Japan were up 0.2 percent on month in July, the Bank of Japan said on Wednesday. That was in line with expectations following the upwardly revised 0.1 percent contraction in June (originally -0.2 percent). On a yearly basis, producer prices rose 2.6 percent - exceeding forecasts for 2.5 percent and down from 2.9 percent in the previous month.
Export prices were up 0.3 percent on month and down 1.1 percent on year, the bank said, while import prices rose 1.1 percent on month and slumped 5.1 percent on year.
In the currency market, the U.S. dollar is trading in the higher 147 yen-range on Wednesday.
On the Wall Street, stocks showed a strong move back to the upside during trading on Tuesday after ending Monday's choppy trading session moderately lower. The major averages more than offset the losses posted in the previous session, with the Nasdaq and the S&P 500 reaching new record closing highs.
The major averages ended the session near their best levels of the day. The Nasdaq surged 296.50 points or 1.4 percent to 21,681.90, the S&P 500 jumped 72.31 points or 1.1 percent to 6,445.76 and the Dow shot up 483.52 points or 1.1 percent to 44,458.61.
Meanwhile, the major European markets turned in another mixed performance on the day. While the German DAX Index dipped by 0.2 percent, the U.K.'s FTSE 100 Index crept up by 0.2 percent and the French CAC 40 Index advanced by 0.7 percent.
Crude oil prices slumped on Tuesday ahead of an upcoming meeting between the U.S. and Russian presidents on Friday in Alaska. West Texas Intermediate crude for September delivery was down $0.88 or 1.38 percent at $63.08 per barrel.
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