TOKYO (dpa-AFX) - The Japan stock market has tracked lower in three straight sessions, sinking almost 2,500 points or 3.8 percent in that span. The Nikkei now sits just beneath the 62,190-point plateau although it may stop the bleeding on Thursday.
The global forecast for the Asian markets is positive on plummeting oil prices following the U.S. midterm elections. The European and U.S. markets were sharply higher and the Asian bourses are expected to open in similar fashion.
The Nikkei finished sharply lower on Wednesday following losses from the technology, paper, transportation, communications and chemical companies.
For the day, the index tumbled 893.23 points or 1.42 percent to finish at 62,188.63 after trading between 60,030.10 and 63,105.47.
The lead from Wall Street is upbeat as the major averages opened higher on Wednesday and stayed firmly in the green throughout the trading day, ending near session highs.
The Dow surged 1,569.40 points or 3.03 percent to finish at 53,356.12, while the NASDAQ jumped 364.50 points or 1.44 percent to close at 25,736.51 and the S&P 500 rallied 119.70 points or 1.58 percent to end at 7,688.62.
The rally on Wall Street was a positive reaction to the Democrats' decisive victory in the midterm elections on Tuesday after they won control of both the House and Senate after flipping several seats in traditionally Republican states.
In U.S. economic news, payroll processor ADP said private sector employment in the U.S. grew by more than expected in October. Also, the Institute for Supply Management said service sector growth saw a modest slowdown last month.
Crude oil prices tumbled on Wednesday, losing the geopolitical risk premium as a comfortable victory for the Democrat party in the U.S. midterm elections eased concerns of renewed U.S.-Iran escalation. West Texas Intermediate crude for December delivery was down $8.39 or 8.73 percent at $87.70 per barrel.
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