The Japanese stock market opened marginally higher on Friday as concerns about financial woes in the euro zone eased a bit on reports that European Union, Greece and the International Monetary Fund have agreed on an austerity plan for Greece.
However, after moving up fairly sharply in early trades, the market has pared some gains with a section of investors turning cautious and pressing sales in some front line stocks.
The benchmark Nikkei 225 index, which rose to around 9,660 after a firm start, is now at 9.635.7, up 39 points or 0.4 percent over its previous close.
Chubu Electric Power shares are trading in positive territory on reports the company will receive an emergency loan of about 100 billion yen from the government.
Meanwhile, Tokyo Electric Power shares are trading lower by over 2 percent amid concerns over the delay in resolving the nuclear mishap at the company's Fukushima power plant following the earthquake on March 11.
Mizuho Trust & Banking, Mitsubishi Chemicals, Mitsubishi Motor, JX HD, Mazda Motor, Showa Shell and Nippon Sheet Glass are among the notable losers.
Kawasaki Kisen, Toshiba Corp., Mitsui OSK Lines, Sony Corp., Citizen Holdings, Sapporo Holdings, Nippon Yusen, Hitachi Construction Machinery, Taiheiyo Cement and Advantest are trading stronger by 1.3 to 2.6 percent.
Shares of Inpex Corp. tumbled following the International Energy Agency deciding to release 60 million barrels of government-held stocks in the global market.
In economic news, an index measuring corporate service prices in Japan was down 0.9 percent on year in May, standing at 96.2, according to a report from Bank of Japan. That was slightly below forecasts for a decline of 0.8 percent following the upwardly revised 0.7 percent contraction in April.
On a monthly basis, corporate service prices eased 0.3 percent after falling an upwardly revised 0.2 percent in April. Among the individual components, prices were down in transportation, leasing and rental, and legal and accounting services. Prices were up slightly in communications, advertising and real estate.
In the currency market, the U.S. dollar traded in the mid-80 yen level in early deals in Tokyo. The yen is currently trading at 80.49 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Hong Kong, New Zealand, South Korea and Singapore are trading modestly higher, while Australia, Taiwan and Malaysia are trading weak. Markets across the region ended on a mixed note on Thursday.
On Wall Street, stocks staged a good recovery to end on a mixed note on Thursday after displaying weakness early on in the session. Reports about a deal on Greece's austerity plan helped to offset concerns about the economic outlook.
The major averages all moved to the upside going into the close, with the tech-heavy Nasdaq climbing firmly into positive territory. The Nasdaq rose 17.6 points or 0.7 percent to 2,686.8, while the Dow ended down 59.7 points or 0.5 percent at 12,050 and the S&P 500 drifted lower by 3.6 points or 0.3 percent to 1,283.5.
Major European markets ended notably lower on Thursday. The French CAC 40 index lost 2.2 percent, while the U.K.'s FTSE 100 index and the German DAX index ended lower by 1.7 percent and 1.8 percent respectively.
Crude oil prices plunged sharply on Thursday after the International Energy Agency announced it would inject 60 million barrels of government-held stocks in the global market. Light, sweet crude for August delivery ended down $4.39 at $91.02 a barrel on the New York Mercantile Exchange.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.