TOKYO (dpa-AFX) - The Japanese stock market has climbed higher in back-to-back sessions, surging almost 3,500 points or 6 percent to a fresh record closing high. The Nikkei now sits just above the 62,830-point plateau although it's due for profit taking on Friday.
The global forecast for the Asian markets is soft, with profit taking expected amid continued uncertainty over the conflict in the Middle East. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.
The Nikkei finished with enormous gains following upside from the financial shares and technology stocks.
For the day, the index skyrocketed 3,320.74 points or 5.58 percent to finish at the daily high of 62,833.84 after trading between 60,213.02 and 63,091.14.
Among the actives, Nissan Motor rose 0.31 percent, while Mazda Motor retreated 1.30 percent, Toyota Motor sank 0.73 percent, Honda Motor fell 0.24 percent, Softbank Group skyrocketed 18.44 percent, Mitsubishi UFJ Financial collected 2.32 percent, Mizuho Financial rallied 3.31 percent, Sumitomo Mitsui Financial spiked 2.67 percent, Mitsubishi Electric soared 6.21 percent, Sony Group perked 0.10 percent, Panasonic Holdings added 0.75 percent and Hitachi climbed 1.15 percent.
The lead from Wall Street is weak as the major averages opened mixed on Thursday but gradually tracked into the red and finished under water.
The Dow dropped 313.62 points or 0.63 percent to finish at 49,596.97, while the NASDAQ dipped 32.75 points or 0.13 percent to close at 25,806.20 and the S&P 500 sank 28.01 points or 0.38 percent to end at 7,337.11.
Stocks showed a lack of direction early in the day as traders remain optimistic about a peaceful end to the conflict in the Middle East but may want to see more tangible results from U.S.-Iran negotiations before making big bets.
But selling pressure picked as crude oil prices saw a substantial turnaround over the course of the day, with U.S. crude oil futures jumping by more than 1 percent following reports that Iran is attempting to force shippers to comply with a new protocol for transiting the Strait of Hormuz.
Crude oil prices had moved lower as Iran reviews a peace plan offered by the U.S. to end the gulf war but bounced higher again on supply concerns. West Texas Intermediate crude for June delivery was at $94.76 per barrel.
In U.S. economic news, a report released by the Labor Department showed first-time claims for U.S. unemployment benefits rebounded by less than expected in the week ended May 2.
Closer to home, Japan will see April results for the services and composite indexes from Jibun Bank later this morning; in March, their scores were 53.4 and 53.0, respectively.
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