TOKYO (dpa-AFX) - The Japanese stock market is trading sharply higher on Tuesday, reversing the losses in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving well above the 57,850 level, with gains across most sectors led by financial and technology stocks.
The benchmark Nikkei 225 Index is up 1,367.11 points or 2.42 percent at 57,869.88, after touching a high of 57,946.08 earlier. Japanese shares ended notably lower on Monday.
Market heavyweight SoftBank Group is jumping more than 10 percent, while Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Honda is gaining more than 1 percent and Toyota is edging up 0.2 percent.
In the tech space, Tokyo Electron is gaining almost 3 percent, Advantest is surging more than 8 percent and Screen Holdings is adding more than 4 percent.
In the banking sector, Sumitomo Mitsui Financial is gaining almost 1 percent, Mitsubishi UFJ Financial is edging up 0.1 percent and Mizuho Financial is adding almost 2 percent.
The major exporters are mostly higher. Mitsubishi Electric and Sony are gaining more than 1 percent each, while Panasonic is adding almost 2 percent. Canon is edging down 0.2 percent.
Among the other major gainers, Kioxia Holdings is soaring more than 14 percent, Renesas Electronics is jumping almost 8 percent and BayCurrent is surging almost 7 percent, while NEC and Ibiden are advancing more than 6 percent each. Disco is advancing almost 6 percent, while Lasertec and Sumitomo Metal Mining are gaining more than 5 percent each. Mitsubishi Materials, Mitsui Kinzoku and Fujitsu are adding almost 5 percent each. Trend Micro is up more than 4 percent.
Conversely, Inpex is declining almost 4 percent and ARCHION is losing more than 3 percent.
In the currency market, the U.S. dollar is trading in the lower 159-yen range on Tuesday.
On Wall Street, stocks moved to the downside early in the session on Monday but showed a significant turnaround over the course of the trading day. The major averages climbed well off their worst levels of the day and firmly into positive territory.
The major average saw further upside late in the day, reaching new highs for the session. The Nasdaq surged 280.84 points or 1.2 percent to 23,183.74, the S&P 500 jumped 69.35 points or 1.0 percent to 6,886.24 and the Dow climbed 301.68 points or 0.7 percent to 48,218.25.
Meanwhile, the major European markets moved to the downside on the day but closed well off their worst levels. While the U.K.'s FTSE 100 Index edged down by 0.2 percent, the German DAX Index and the French CAC 40 Index both dipped by 0.3 percent.
Crude oil prices surged on Monday after U.S. President Donald Trump imposed a blockade on ships transiting to and from Iran via the Strait of Hormuz. West Texas Intermediate crude for May delivery was up $2.67 or 2.76 percent at $99.24 per barrel.
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