TOKYO (dpa-AFX) - The Japanese stock market bounced higher again on Wednesday, one day after ending the two-day winning streak in which it had jumped almost 2,250 points or 3 percent. Now at a fresh record closing high. the Nikkei 225 sits just above the 68,400-point plateau although it may hand back some of those gains on Thursday.
The global forecast for the Asian markets is negative on rising oil prices and continuing hostilities in the Middle East. The European and U.S. markets were down and the Asian markets figure to follow suit.
The Nikkei finished sharply higher on Wednesday following gains from the financial shares, technology stocks and automobile producers.
For the day, the index soared 1,667.89 points or 2.50 percent to finish at 68,402.13 after trading between 67,238.53 and 68,786.49.
Among the actives, Nissan Motor tumbled 2.22 percent, while Mazda Motor fell 0.36 percent, Toyota Motor accelerated 1.30 percent, Honda Motor soared 7.89 percent, Softbank Group tanked 3.67 percent, Mitsubishi UFJ Financial rallied 2.99 percent, Mizuho Financial spiked 3.91 percent, Sumitomo Mitsui Financial vaulted 3.31 percent, Mitsubishi Electric strengthened 1.40 percent, Sony Group slumped 1.36 percent, Panasonic Holdings surged 8.93 percent and Hitachi jumped 3.68 percent.
The lead from Wall Street is weak as the major averages opened lower on Wednesday and tracked deeper into the red as the day progressed, ending near session lows.
The Dow rumbled 620.72 points or 1.21 percent to finish at 50,687.07, while the NASDAQ sank 239.92 points or 0.89 percent to end at 26,853.98 and the S&P 500 lost 56.10 points or 0.74 percent to close at 7,553.68.
The pullback on Wall Street came on uncertainty about the situation in the Middle East, as negotiations between the U.S and Iran continue to drag on.
U.S. Central Command said U.S. forces defeated multiple Iranian ballistic missiles and drones and conducted 'self-defense' strikes on Qeshm Island in response to attempted attacks by Iran. But the ongoing military exchanges have contributed to a sharp increase by the price of crude oil.
Crude oil prices soared on Wednesday as fresh military strikes in the Middle East renew war concerns as the Strait of Hormuz remains blocked for oil and energy trade. West Texas Intermediate crude for July delivery was up $2.31 or 2.46 percent at $96.07 per barrel.
In U.S. economic news, the Institute for Supply Management released a report showing its reading on U.S. service sector activity increased by more than expected in the month of May.
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