TOKYO (dpa-AFX) - The Japanese market is significantly lower on Thursday, reversing some of the gains in the previous two sessions, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling below the 54,400 level, with weakness across most sectors led by financial and technology stocks.
The benchmark Nikkei 225 Index is down 636.30 points or 1.16 percent to 54,389.07, after hitting a low of 54,107.16 earlier. Japanese shares ended sharply higher on Wednesday.
Market heavyweight SoftBank Group is losing more than 3 percent, while Uniqlo operator Fast Retailing is edging up 0.4 percent. Among automakers, Toyota is losing more than 1 percent and Honda is declining almost 2 percent.
In the tech space, Advantest and Screen Holdings are losing more than 2 percent each, while Tokyo Electron is down almost 2 percent.
In the banking sector, Mitsubishi UFJ Financial is down more than 1 percent, Sumitomo Mitsui Financial is losing more than 2 percent and Mizuho Financial is declining almost 3 percent.
Among the major exporters, Mitsubishi Electric is edging down 0.3 percent and Canon is down more than 1 percent, while Sony and Panasonic are losing almost 1 percent each.
Among other major losers, SHIFT is losing more than 4 percent, while Japan Exchange and Kikkoman are declining almost 4 percent each. Sapporo Holdings, Mitsui Fudosan, Sumitomo Pharma, Sumitomo Realty & Development, Daiwa Securities, Mitsubishi Estate and Credit Saison are slipping more than 3 percent each, while Denka, Secom, Tokyo Tatemono and Dai Nippon Printing are down almost 3 percent each.
Conversely, Kawasaki Heavy Industries is gaining almost 4 percent.
In the currency market, the U.S. dollar is trading in the higher 158 yen-range on Thursday.
On Wall Street, stocks showed a lack of direction over the course of the trading day on Wednesday, extending the lackluster performance seen in the previous session. The major averages once again spent the day bouncing back and forth across the unchanged line.
The major averages eventually closed mixed for the second straight day. While the Nasdaq inched up 19.03 points or 0.1 percent to 22,716.13, the S&P 500 edged down 5.68 points or 0.1 percent to 6,775.80 and the Dow slid 289.24 points or 0.6 percent to 47,417.27.
Meanwhile, the major European markets moved to the downside on the day. While the German DAX Index tumbled by 1.4 percent, the U.K.'s FTSE 100 Index fell by 0.6 percent and the French CAC 40 Index dipped percent.
Crude oil prices skyrocketed on Wednesday as the Middle East conflict fails to show any indication of calming down soon. West Texas Intermediate crude for April delivery was up $4.21 or 5.04 percent at $87.66 per barrel.
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