TOKYO (dpa-AFX) - The Japan stock market on Thursday wrote a finish to the five-day losing streak in which it had tumbled almost 1,600 points or 3.1 percent. The Nikkei 225 now sits just beneath the 53,700-point plateau and it may add to its winnings on Friday.
The global forecast for the Asian markets is positive on easing geopolitical tensions regarding Greenland. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.
The Nikkei finished sharply higher on Thursday following gains from the financial shares, technology stocks and automobile producers.
For the day, the index jumped 914.25 points or 1.73 percent to finish at 53,688.89 after trading between 53,242.38 and 53,922.53.
Among the actives, Nissan Motor improved 0.71 percent, while Mazda Motor added 0.57 percent, Toyota Motor advanced 0.90 percent, Honda Motor accelerated 1.96 percent, Softbank Group surged 11.61 percent, Mitsubishi UFJ Financial shed 0.49 percent, Mizuho Financial collected 0.79 percent, Sumitomo Mitsui Financial rose 0.24 percent, Mitsubishi Electric added 0.52 percent, Sony Group tumbled 1.89 percent, Panasonic Holdings jumped 1.63 percent and Hitachi rallied 1.60 percent.
The lead from Wall Street is firm as the major averages opened higher on Thursday and spent the entire session in the green.
The Dow jumped 306.78 points or 0.63 percent to finish at 49,384.01, while the NASDAQ climbed 211.20 points or 0.91 percent to end at 23,436.02 and the S&P 500 added 37.73 points or 0.55 percent to close at 6,913.35.
The extended rebound on Wall Street came as stocks continued to benefit from easing tensions after President Donald Trump ruled out the use of military force to acquire Greenland.
Some analysts see the strength on Wall Street as a return of the 'TACO trade,' meaning 'Trump Always Chickens Out,' as the president is often seen as backing down after scaring the markets with threats of new tariffs.
In economic news, the Labor Department noted a slight uptick in first-time claims for U.S. unemployment benefits last week. Also, the Commerce Department said consumer prices increased in line with estimates in November.
Crude oil prices plunged on Thursday as investors assessed data on U.S. crude oil inventories, which shot up much more than expected last week. West Texas Intermediate crude for March delivery was down $1.29 or 2.13 percent at $59.33 per barrel.
Closer to home, the Bank of Japan will wrap up its monetary policy meeting and then announce its decision on interest rates. The BoJ is expected to keep its benchmark lending rate steady at 0.75 percent.
Japan also will see December data for consumer prices; in November, overall inflation was up 0.4 percent on month and 2.9 percent on year, while core CPI rose an annual 3.0 percent. Also due are preliminary January results for the manufacturing, services and composite PMIs from Jibun Bank; in December, their scores were 50.0, 51.6 and 51.1, respectively.
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