TOKYO (dpa-AFX) - The Japanese stock market has finished higher in back-to-back sessions, collecting more than 910 points or 1.2 percent along the way. The Nikkei 225 now sits just above the 67,520-point plateau and it may inch higher again on Thursday.
The global forecast for the Asian markets is murky amidst a lack of catalysts. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The Nikkei finished modestly higher on Tuesday following gains from the financial shares, technology stocks, energy companies and miners.
For the day, the index advanced 553.84 points or 0.83 percent to finish at 67,524.06 after trading between 66,735.76 and 67,569.36.
The lead from Wall Street suggests mild upside as the major averages opened higher on Wednesday and largely stayed that way, although the Dow slipped under water at the close.
The Dow dipped 21.58 points or 0.04 percent to finish at 53,770.27, while the NASDAQ climbed 143.04 points or 0.54 percent to end at 26,588.49 and the S&P 500 rose 20.30 points or 0.26 percent to close at 7,748.50.
The early strength on Wall Street came as fairly tame consumer price data eased concerns about the outlook for interest rates as inflation rose in line with estimates.
Buying interest waned over the course of the session, however, as the recent resurgence of Middle East tensions and the resulting spike in crude oil prices have fueled inflation concerns, although crude futures were little changed on Wednesday.
Crude oil prices inched lower after Pakistan announced initiating efforts to bring the U.S. and Iran back to the negotiating table. West Texas Intermediate crude for September delivery was down $0.22 or 0.2 percent at $82.98 per barrel.
Closer to home, Japan will release July figures for producer prices and machine tool orders later today. Producer prices are expected to rise 0.6 percent on month and 7.4 percent on year, accelerating from 0.4 percent on month and 7.1 percent on year in June. Machine tool orders jumped 52.8 percent on year in June.
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