TOKYO (dpa-AFX) - The Japanese stock market is trading sharply higher on Wednesday, reversing the losses in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 68,150 level to fresh all-time highs, with strong gains in automakers and technology stocks partially offset by weakness in index heavyweights.
The benchmark Nikkei 225 Index is up 1,532.39 or 2.15 percent at 68,166.63, after touching a fresh all-time high of 68,293.88 earlier. Japanese stocks ended modestly lower on Tuesday.
Market heavyweight SoftBank Group is declining more than 3 percent and Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Honda is surging almost 6 percent and Toyota is gaining almost 2 percent.
In the tech space, Advantest is gaining more than 4 percent, Screen Holdings is soaring more than 13 percent and Tokyo Electron is surging more than 10 percent.
In the banking sector, Sumitomo Mitsui Financial, Mizuho Financial and Mitsubishi UFJ Financial are all gaining more than 1 percent each.
Among the major exporters, Mitsubishi Electric is gaining almost 2 percent, Canon is adding more than 2 percent and Panasonic is jumping more than 7 percent, while Sony is losing almost 1 percent.
Among other major gainers, Fujikura and Renesas Electronics are jumping more than 10 percent each, while Socionext is soaring almost 10 percent. Resonac Holdings, Komatsu and Nikon are surging more than 7 percent each, while Sumitomo Electric Industries, Japan Exchange Group and Yaskawa Electric are advancing almost 7 percent each. Sumitomo Metal Mining and Kyocera are gaining more than 6 percent each, while Furukawa Electric is adding almost 6 percent.
Conversely, SHIFT is tumbling almost 9 percent and IHI is sliding almost 5 percent, while LY and Otsuka Holdings are slipping more than 4 percent. CyberAgent and Mercari are losing almost 4 percent each, while NEC, Nomura Research Institute, Toho and Fujitsu are declining more than 3 percent each. Sumitomo Pharma is down almost 3 percent.
In the currency market, the U.S. dollar is trading in the higher 159 yen-range on Wednesday.
On the Wall Street, stocks were able to shake off early weakness and find modest gains on Tuesday, with each of the three major averages hitting record closing highs for the third day in a row.
The Dow added 228.91 points or 0.45 percent to finish at 51,307.79, while the NASDAQ rose 7.09 points or 003 percent to close at 27,093.90 and the S&P 500 added 9.86 points or 0.13 percent to end at 7,609.82.
The major European markets all also moved to the upside on the day. While the French CAC 40 Index is up by 0.77 percent, the German DAX Index is up by 0.48 percent and the U.K.'s FTSE 100 Index is up by 0.33 percent.
Crude oil prices jumped on Tuesday as the U.S.-Iran Memorandum of Understanding has been delayed. Also, global energy watchdogs warn of accelerating crude oil inventory depletion. West Texas Intermediate crude for July was up $1.57 or 1.70 percent at $93.73 per barrel.
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