TOKYO (dpa-AFX) - The Japan stock market rebounded on Tuesday, one day after ending the two-day winning streak in which it had rallied more than 1,070 points or 2 percent. Now at a fresh record closing high, the Nikkei 225 sits just above the 53,330-point plateau and it's expected to open to the upside again on Wednesday.
The global forecast for the Asian markets suggests mild upside, boosted by gains from the oil, gold and technology sectors. The European and U.S. markets were mixed to higher and the overbought Asian bourses may see mild upside - although they may see profit taking later in the day.
The Nikkei finished modestly higher on Tuesday following gains from the financials, weakness from the automobile producers and a mixed picture from the technology stocks.
For the day, the index spiked 448.29 points or 0.85 percent to finish at 53,333.54 after trading between 52,637.66 and 53,334.03.
Among the actives, Nissan Motor tumbled 1.77 percent, while Mazda Motor skidded 1.06 percent, Toyota Motor shed 0.52 percent, Honda Motor lost 0.55 percent, Softbank Group fell 0.34 percent, Mitsubishi UFJ Financial jumped 1.52 percent, Mizuho Financial collected 0.90 percent, Sumitomo Mitsui Financial added 0.80 percent, Mitsubishi Electric rose 0.41 percent, Sony Group stumbled 1.58 percent, Hitachi slid 0.25 percent and Panasonic Holdings was unchanged.
The lead from Wall Street is murky as the major averages opened mixed on Tuesday and stayed that way throughout the trading day.
The Dow tumbled 407.72 points or 0.83 percent to finish at 49,004.68, while the NASDAQ jumped 215.74 points or 0.91 percent to close at 23,817.10 and the S&P 500 added 30.82 points or 0.44 percent to end at 6,981.05.
The strength in the broader markets came as traders remain optimistic ahead of the release of earnings news from big-name tech companies like Microsoft (MSFT), Apple (AAPL) and Meta Platforms (META).
Traders were also cautious ahead of the monetary policy announcement from the Federal Reserve later today. While the Fed is widely expected to leave interest rates unchanged, traders will pay close attention to the accompanying statement for clues about the outlook for rates.
In U.S. economic news, the Conference Board reported a significant deterioration in consumer confidence in January - hitting its lowest level since May 2014,.
Crude oil prices soared on Tuesday as U.S. naval forces have started building up near Iran, while Lebanese and Yemeni militias have pledged support to Iran, leading to a heightening of tensions. West Texas Intermediate crude for March delivery was up $1.61 or 2.66 percent at $62.24 per barrel.
Closer to home, the Bank of Japan will release the minutes from its Dec. 17-18 monetary policy meeting this morning. At the meeting, the BoJ raised its benchmark rate by a quarter-point as inflation remains stubbornly above the target. The policy board decided to hike the uncollateralized overnight call rate to around 0.75 percent from around 0.5 percent. Previously, the BoJ had lifted the benchmark rate by 25 basis points in January.
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