The Japanese stock market is slightly higher in choppy trading on Friday, extending gain of the previous session, with the benchmark Nikkei 225 above the 29,700 level, following broadly positive cues overnight from Wall Street amid strong data releases and a dip in long term bond yields.
However, the continuing concerns about the spike in daily domestic coronavirus infections and possible restrictions on economic activity are weighing on the market.
According to media reports, Japan reported a nationwide tally of 4,576 new cases on Thursday as the highly contagious variants drive a fourth wave of infections. The Japanese government is set to add three more prefectures neighboring Tokyo to the list of areas in need of stricter measures.
The benchmark Nikkei 225 Index is gaining 14.76 points or 0.05 percent to 29,657.45, after hitting a low of 29,621.83 and a high of 29,789.08 in early trades. Japanese shares closed slightly higher on Thursday.
Market heavyweight SoftBank Group is edging down 0.2 percent, while Fast Retailing is losing almost 1 percent. Among automakers, Honda and Toyota are edging down 0.5 percent each.
In the tech space, Advantest and Tokyo Electron are adding more than 1 percent each. In the banking sector, Mitsubishi UFJ Financial is losing almost 1 percent and Sumitomo Mitsui Financial is down more than 1 percent.
The major exporters are higher. Mitsubishi Electric and Panasonic are edging up about 0.5 percent each, while Canon is losing more than 1 percent and Sony is edging down 0.5 percent.
Among the other major gainers, Toho and M3 are gaining more than 2 percent each, while Yaskawa Electric, Fujitsu and Toppan Printing are adding almost 2 percent each. Impex, Japan Exchange Group, Toto, Seiko Epson, Obayashi and Daiwa House Industry are all up more than 1 percent each.
Conversely, Tokyo Electric Power, JTEKT, Seven & I Holdings, Nippon Yusen and Alps Alpine are losing almost 3 percent each. JFE Holdings, Isuzu Motors, Mitsui E&S Holdings, Screen Holdings and Sharp are declining more than 2 percent each.
In the currency market, the U.S. dollar is trading in the higher 108 yen-range on Friday.
On Wall Street, stocks moved sharply higher during trading on Thursday, more than offsetting the pullback seen in the previous session. The Dow and the S&P 500 reached new record closing highs, while the Nasdaq ended the day at its best closing level in two months.
The major averages reached new highs in late-day trading before giving back some ground going into the close. The Dow jumped 305.10 points or 0.9 percent to 34,035.99, the Nasdaq soared 180.92 points or 1.3 percent to 14,038.76 and the S&P 500 surged up 45.76 points or 1.1 percent to 4,170.42.
The major European markets all also moved to the upside on the day. While the U.K.’s FTSE 100 Index advanced by 0.6 percent, the French CAC 40 Index and the German DAX Index rose by 0.4 percent and 0.3 percent, respectively.
Crude oil futures settled higher on Thursday, extending gains to a fourth straight session, continuing to ride on the recent upward revision in the global oil demand forecast by the International Energy Agency. West Texas Intermediate Crude oil futures for May ended higher by $0.31 or 0.5 percent at $63.46 a barrel.
Market Analysis
Japanese Market Higher In Choppy Trades
2021-04-16 02:10:07
