TOKYO (dpa-AFX) - The Japanese stock market is trading significantly lower on Tuesday, extending the sharp losses in the previous sessions, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling well below the 57,500 level, with weakness in exporters and automaker stocks.
The benchmark Nikkei 225 Index is down 594.06 points or 1.02 percent at 57,463.18, after hitting a low of 57,443.94 earlier. Japanese shares ended sharply lower on Monday.
Market heavyweight SoftBank Group is gaining almost 1 percent, while Uniqlo operator Fast Retailing is losing more than 3 percent. Among automakers, Honda is losing almost 2 percent and Toyota is tumbling more than 5 percent.
In the tech space, Tokyo Electron is edging up 0.1 percent and Advantest is adding more than 1 percent, while Screen Holdings is losing almost 2 percent.
In the banking sector, Sumitomo Mitsui Financial is edging down 0.5 percent and Mizuho Financial is losing almost 2 percent, while Mitsubishi UFJ Financial is edging up 0.1 percent.
The major exporters are lower. Mitsubishi Electric is down almost 2 percent and Canon is losing more than 1 percent, while Panasonic and Sony are declining more than 4 percent each.
Among the other major losers, Sumitomo Pharma is tumbling almost 14 percent, while TDK and Hino Motors are sliding almost 6 percent each. CyberAgent is declining more than 5 percent, while Sumitomo Chemical and Japan Airlines are losing almost 5 percent each. ENEOS Holdings is down more than 4 percent, while Mazda Motor, Aeon, Nissui, Kuraray and Kao are slipping almost 4 percent each.
Conversely, Resonac Holdings is jumping almost 8 percent and Furukawa Electric is surging more than 5 percent, while Fujikura and Mitsubishi are advancing almost 4 percent each. Sumitomo Electric Industries is gaining almost 3 percent.
In economic news, the jobless rate in Japan came in at a seasonally adjusted 2.7 percent in January, the Ministry of Internal Affairs and Communications said on Tuesday. That was above expectations for 2.6 percent, which would have been unchanged from the December reading. The jobs-to-applicant ratio was 1.18 - missing forecasts for 1.19 and down from 1.20 in the previous month.
In the currency market, the U.S. dollar is trading in the lower 157-yen range on Tuesday.
On Wall Street, stocks moved sharply lower at the start of trading on Monday in reaction to the conflict in the Middle East but showed a substantial recovery over the course of the session. The major averages climbed well off their lows of the session before eventually ending the day narrowly mixed.
After tumbling by as much as 1.6 percent, the Nasdaq rose 80.65 points or 0.4 percent to 22,748.86. The S&P 500 also inched up 2.74 points or less than a tenth of a percent to 6,881.62, while the narrower Dow dipped 73.14 points or 0.2 percent to 48,904.78.
Meanwhile, the major European markets also showed significant moves to the downside on the day. While the German DAX Index dove 2.4 percent, the French CAC 40 Index tumbled 2.2 percent and the U.K.'s FTSE 100 Index slid by 1.2 percent.
Crude oil prices skyrocketed on Monday amid concerns about supply disruptions due to the conflict in the Middle East. West Texas Intermediate crude for April delivery surged $4.08 or 6.1 percent to $71.10 a barrel.
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