Stocks drifted lower in the Japanese market on Tuesday with investors indulging in some profit taking after recent gains. The overnight weak close on Wall Street and a lack of fresh triggers are also contributing to the slight weakness.
Automobile, precision instruments and mining stocks opened on a weak note, while transport, electric power and oil stocks got off to a firm start.
The benchmark Nikkei 225 index, which recovered to 8,928 after falling to 8,902 in early trades, is currently trading at 8,912.5, down 16.7 points or 0.2 percent from its previous close.
Dainippon Screen is trading lower by over 6.5 percent on reports of a likely fall in January - March 2012 earnings. Unitika, Yokogawa Electric, Sumitomo Metal Mining, Fast Retailing, Mitsubishi Paper, Nippon Suisan, Pioneer Corp. and Okuma are down 1 to 3 percent.
In the automobile space, Hino Motors, Mazda Motor, Suzuki Motor and Mitsubishi Motor are trading lower by 1 to 2 percent. Honda Motor is down marginally, while Isuzu Motors and Nissan Motor are in positive territory with modest gains.
Among bank stocks, Aozora Bank, Chiba Bank and Mizuho Financial are up 0.8 to 1 percent. Mitsubishi UFJ Financial is trading modestly higher, while Shinsei Bank as well as Shizuoka Bank are trading flat and Bank of Yokohama is down by about 0.5 percent.
Japan Tobacco Inc. shares rose more than 5 percent after the company raised its earnings forecast on faster than expected surge in sales since March 2011.
Fujikura Ltd shares are up by over 8 percent. Sumitomo Osaka, Advantest, Kansai Electric Power, Furukawa Electric, Kawasaki Kisen, Nippon Electric Glass and Mitsui OSK Lines are trading higher by 3 to 4.5 percent.
Nippon Yusen, Taiheiyo Cement, Mitsui Engineering & Shipbuilding, Ebara Corp, Sharp Corp., JFE Holdings, Nippon Light Metals, Chubu Electric Power, Dai-ichi Life and Sumco Corp are also trading notably higher.
In the currency market, the U.S. dollar traded in the mid-76 yen range in early deals in Tokyo. The yen is currently trading at 76.57 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Australia, Hong Kong, Singapore, South Korea and Taiwan are trading notably higher and New Zealand is up marginally, while Shanghai is trading weak. Markets across the region turned in a mixed performance on Monday.
On Wall Street, stocks ended modestly lower on Monday with traders taking some profits after recent gains. Concerns about the financial situation in Greece too contributed to the slight weakness in the markets.
After moving notably lower at the open, the major averages regained some ground but still ended the day in the red. The Dow edged down 17.1 points or 0.1 percent to 12,845.1, the Nasdaq ended down 3.7 points or 0.1 percent at 2,902 and the S&P 500 inched down 0.6 points or less than 0.1 percent to 1,344.3.
Major European markets moved lower on Monday. The German DAX index ended the day just below the unchanged line, while the U.K.'s FTSE 100 index edged down by 0.2 percent and the French CAC 40 index lost 0.7 percent.
U.S. Crude oil futures closed lower on Monday due to a strong dollar and continued worries about the stalemate in Greece over its sovereign debt problems. Crude for March delivery dropped $0.93 or 1 percent to settle at $96.91 a barrel on the New York Mercantile Exchange.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.