TOKYO (dpa-AFX) - The Japan stock market on Friday snapped the three-day winning streak in which it had surged more than 3,000 points or 5 percent. The Nikkei finished just above the 58,475-point plateau and it may extend its losses on Monday.
The global forecast for the Asian markets is gloomy after the Strait of Hormuz was shut down again over the weekend. The European and U.S. markets were sharply higher on Friday, but the Asian bourses are now expected to open under pressure on Monday.
The Nikkei finished sharply lower on Friday following losses from the financial shares, technology stocks and automobile producers.
For the day, the index tumbled 1,042.44 points or 1.75 percent to finish at the daily low of 58,475.90 after peaking at 59,381.25.
Among the actives, Nissan Motor retreated 1.30 percent, while Mazda Motor shed 0.54 percent, Toyota Motor declined 1.44 percent, Honda Motor eased 0.08 percent, Softbank Group tumbled 3.10 percent, Mitsubishi UFJ Financial tanked 2.60 percent, Mizuho Financial slumped 1.51 percent, Sumitomo Mitsui Financial stumbled 1.62 percent, Mitsubishi Electric plunged 2.95 percent, Sony Group fell 0.35 percent, Panasonic Holdings plummeted 3.30 percent and Hitachi skidded 1.21 percent.
The lead from Wall Street is strong as the major averages opened higher on Friday and remained firmly in the green throughout the trading day, ending at session highs.
The Dow jumped 868.71 points or 1.79 percent to finish at 49.447.43, while the NASDAQ rallied 365.78 points or 1.52 percent to end at 24,468.48 and the S&P 500 gained 84.78 points or 1.20 percent to close at 7,126.06.
For the week, the NASDAQ skyrocketed 6.8 percent, the S&P 500 soared 4.9 percent and the Dow spiked 3.2 percent.
The rally on Wall Street came following news that Iran has declared the Strait of Hormuz completely open to commercial traffic on the heels of the 10-day ceasefire between Israel and Lebanon.
The news of the temporary reopening of the strait led to a nosedive by the price of crude oil, easing supply-related concerns. West Texas Intermediate crude for May delivery was down $11.17 or 10.58 percent at $84.11 per barrel.
The strength on Wall Street may also have reflected optimism about the strength of corporate earnings ahead of the quarterly results from several big-name companies this week.
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