The Japanese stock market is significantly higher on Tuesday, extending the gains in the previous six sessions, with the benchmark Nikkei index set to break above the 30,000 mark, despite the absence of fresh cues from Wall Street, which was closed overnight for a holiday.
Traders continue to be optimistic that Prime Minister Yoshihide Suga’s successor will implement new economic measures to alleviate the prolonged impact of the pandemic, even as the nation struggles to contain the domestic coronavirus infection rates, with more prefectures and cities under the state of emergency.
The benchmark Nikkei 225 Index is gaining 295.26 points or 1.00 percent to 29,955.15, after touching a high of 30,048.23 earlier. Japanese shares closed sharply higher on Monday.
Market heavyweight SoftBank Group is surging more than 5 percent, while Uniqlo operator Fast Retailing is losing almost 1 percent. Among automakers, Honda is declining more than 1 percent, while Toyota is edging up 0.3 percent.
In the tech space, Advantest is losing more than 1 percent, while Screen Holdings is gaining almost 1 percent and Tokyo Electron is adding more than 1 percent. In the banking sector, Mitsubishi UFJ Financial, Mizuho Financial and Sumitomo Mitsui Financial are gaining almost 1 percent each.
The major exporters are higher, with Panasonic gaining more than 2 percent, Mitsubishi Electric adding more than 1 percent and Canon edging up 0.2 percent. Sony is flat.
Among the other major gainers, Toho Zinc is soaring more than 11 percent, Pacific Metals is gaining almost 7 percent, Maruha Nichiro adding almost 5 percent and Shionogi & Co. is up almost 4 percent, while Keisei Electric Railway, NEXON, Seven & I Holdings, Japan Steel Works and Minebea Mitsumi are all gaining more than 3 percent each. Mitsubishi Logistics, Suzuki Motor, SKY Perfect JSAT Holdings and Takara Holdings are adding almost 3 percent each.
Conversely, Toyo Seikan Group is plummeting almost 16 percent, Nisshinbo Holdings is plunging more than 11 percent and Z Holdings is losing almost 3 percent, while Nippon Yusen K.K., Mitsui O.S.K. Lines, Yaskawa Electric and Nikon are down almost 2 percent each.
In the currency market, the U.S. dollar is trading in the higher 109 yen-range on Tuesday.
Overnight, the U.S. markets were closed for the Labor Day holiday.
The major European markets closed higher on Monday on hopes the Federal Reserve will continue with its easy monetary policy for longer time. While the U.K.’s FTSE 100 gained 0.68 percent, Germany’s DAX climbed up 0.96 percent and France’s CAC 40 surged up 0.8 percent.
Crude oil futures settled lower Monday amid concerns over the outlook for demand after Saudi Arabia, the world’s top exporter, cut its prices for Asian buyers over the weekend. West Texas Intermediate Crude oil futures for October tumbled 0.6 percent to $68.89 a barrel.
Market Analysis
Japanese Market Significantly Higher
2021-09-07 02:32:18
