TOKYO (dpa-AFX) - The Japanese stock market is sharply lower on Monday, reversing some of the gains in the previous two sessions, despite the broadly positive cues from Wall Street on Friday. The Nikkei 225 is falling well below the 63,200 level, with weakness across most sectors led by automakers, exporters and financial stocks.
The benchmark Nikkei 225 Index is down 1,187.98 points or 1.85 percent at 63,174.04, after hitting a low of 62,827.82 earlier. Japanese shares ended sharply higher on Friday.
Market heavyweight SoftBank Group is gaining almost 2 percent, while Uniqlo operator Fast Retailing is losing almost 2 percent. Among automakers, Honda is sliding more than 5 percent and Toyota is tumbling almost 5 percent.
In the tech space, Advantest is down almost 1 percent, Tokyo Electron is losing more than 2 percent and Screen Holdings is declining more than 3 percent.
In the banking sector, Sumitomo Mitsui Financial is tumbling more than 5 percent, Mitsubishi UFJ Financial is declining almost 4 percent and Mizuho Financial is losing more than 3 percent.
The major exporters are mostly lower. Mitsubishi Electric is tumbling almost 9 percent, Canon is down almost 1 percent, Panasonic is declining almost 2 percent and Sony is sliding almost 6 percent.
Among the other major losers, Nippon Electric Glass and Fanuc are plummeting almost 19 percent each, while Toto and Sumitomo Electric Industries are plunging almost 10 percent each. Mitsubishi Electric is tumbling more than 8 percent and Suzuki Motor is sliding more than 7 percent, while Mitsubishi Chemical and Yokohama Rubber are slipping more than 6 percent each. Ibiden, Sumitomo Metal Mining, Komatsu and East Japan Railway are declining almost 6 percent each, while Chubu Electric Power is losing more than 5 percent each.
Conversely, Renesas Electronics is soaring more than 10 percent and Kioxia Holdings is jumping almost 8 percent, while Lasertec and Aozora Bank are surging almost 6 percent each. Socionext is advancing almost 5 percent and Nitori Holdings is gaining more than 4 percent, while TDK and Disco are adding more than 3 percent each. Otsuka Holdings is up almost 3 percent.
In the currency market, the U.S. dollar is trading in the lower 156 yen-range on Monday.
On Wall Street, stocks showed a lack of direction early in the session on Friday after failing to sustain an initial advance but moved mostly higher over the course of the trading day. The major averages all moved to the upside, adding to the strong gains posted during Thursday's session.
The major averages pulled back off their highs going into the end of the day but remained firmly positive. The Nasdaq jumped 251.68 points or 1 percent to 25,373.85, the S&P 500 advanced 52.09 points or 0.7 percent to 7,489.72 and the Dow climbed 276.97 points or 0.5 percent to 52,485.03.
Meanwhile, the major European markets turned mixed over the course of the session. While the U.K.'s FTSE 100 Index fell by 0.3 percent, the German DAX Index inched up by 0.1 percent and the French CAC 40 Index rose by 0.3 percent.
Crude oil prices jumped on Friday after Iran's military conducted strikes on U.S. military assets in Bahrain and Kuwait. West Texas Intermediate crude for September delivery was up $1.48 or 1.77 percent at $85.07 per barrel.
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