TOKYO (dpa-AFX) - The Japanese stock market is trading notably lower on Wednesday, reversing the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The Nikkei 225 is falling well below the 65,600 level, with weakness in technology stocks partially offset by gains in financial stocks. Most other sectors are trading mixed.
The benchmark Nikkei 225 Index is down 295.46 or 0.45 percent at 65,560.97, after hitting a low of 65,452.51 earlier. Japanese stocks ended notably higher on Tuesday.
Market heavyweight SoftBank Group is edging down 0.3 percent, while Uniqlo operator Fast Retailing is gaining almost 1 percent. Among automakers, Honda is losing almost 1 percent, while Toyota is gaining almost 1 percent.
In the tech space, Advantest is declining more than 2 percent, while Tokyo Electron and Screen Holdings are losing almost 3 percent each.
In the banking sector, Sumitomo Mitsui Financial is gaining almost 2 percent, while Mitsubishi UFJ Financial and Mizuho Financial are advancing more than 1 percent each.
Among the major exporters, Mitsubishi Electric is losing almost 1 percent and Panasonic is edging down 0.4 percent, while Canon is gaining almost 1 percent and Sony is adding almost 2 percent.
Among other major losers, Sumco is tumbling almost 6 percent, Taiyo Yuden is sliding almost 5 percent and Furukawa Electric is slipping more than 4 percent, while Lasertec and Disco are declining almost 4 percent each. Murata Manufacturing, Fujikura and Ibiden are losing more than 3 percent each, while Kioxia Holdings and Nichirei are slipping almost 3 percent each.
Conversely Mitsubishi Materials is jumping almost 7 percent, Tokyo Electric Power is surging more than 5 percent, Dowa Holdings is advancing almost 5 percent, Sumitomo Metal Mining is advancing more than 4 percent and LY is rising almost 4 percent, while Mercari and Daiichi Sankyo are gaining more than 3 percent each. Meiji Holdings, Sharp and Tokio Marine are adding almost 3 percent each.
In economic news, producer prices in Japan were up 0.4 percent on month in July, the Bank of Japan said on Wednesday. That exceeded expectations for an increase of 0.2 percent following the upwardly revised 0.3 percent decline in June (originally -0.4 percent).
On a yearly basis, producer prices gained 3.6 percent - also topping forecasts for an increase of 3.2 percent and up from the upwardly revised 3.4 percent in the previous month (originally 3.2 percent). Excluding international transportation, producer prices were up 0.3 percent on month and 3.1 percent on year.
In the currency market, the U.S. dollar is trading in the lower 159 yen-range on Wednesday.
On Wall Street, stocks gave back some ground after an early surge but maintained a positive bias throughout the trading session on Tuesday. The major averages all moved to the upside after ending the previous session mixed.
The tech-heavy Nasdaq advanced 171.11 points or 0.7 percent to 26,151.80, the S&P 500 climbed 24.42 points or 0.3 percent to 7,677.28 and the Dow rose 160.24 points or 0.3 percent to 53,577.40.
Meanwhile, the major European markets closed mixed on the day. The German DAX Index climbed by 0.6 percent and the U.K.'s FTSE 100 Index increased by 0.3 percent, although the French CAC 40 Index has bucked the uptrend and dipped by 0.2 percent.
Crude oil prices plummeted Tuesday as investors saw the U.S. administration's move to isolate Iran economically in lieu of military strikes as a beginning sign for easing of gulf tensions. West Texas Intermediate crude for October delivery sank $2.83 or 3.33 percent at $82.18 per barrel.
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