TOKYO (dpa-AFX) - The Japanese stock market has finished lower in three straight sessions, slumping almost 2,100 points or 3.2 percent along the way. The Nikkei 225 now sits just above the 64,325-point plateau although it's likely to stop the bleeding on Thursday.
The global forecast for the Asian markets is mixed to higher on optimism over the outlook for interest rates. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The Nikkei finished sharply lower on Wednesday following losses from the technology stocks, chipmakers and automobile producers.
For the day, the index tumbled 1,889.70 points or 2.85 percent to finish at 64,325.64 after trading between 64,215.47 and 65,195.43.
The lead from Wall Street is positive as the major averages opened higher on Wednesday and remained firmly in the green throughout the trading day, ending near session highs.
The Dow jumped 295.07 points or 0.56 percent to finish at 53,061.95, while the NASDAQ added 118.05 points or 0.45 percent to end at 26,217.83 and the S&P 500 gained 35.13 points or 0.46 percent to close at 7,666.60.
The strength on Wall Street reflected bargain hunting following the recent slump, which dragged the S&P 500 down to its lowest levels in nearly a month. Early buying interest was also generated by a pullback in treasury yields.
Even as yields bounced well off their early lows, a report from payroll processor ADP showing weaker than expected private sector job growth eased concerns about the outlook for interest rates.
Traders may be hopeful that signs of weakness in the labor market will lead the Federal Reserve to refrain from raising interest rates later this month even amid concerns about inflation.
Crude oil prices jumped on Wednesday after the U.S. commenced its second round of attacks against Iran to escalate hostilities. West Texas Intermediate crude for October delivery was up $0.97 or 1.08 percent at $91.19 per barrel.
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