Japanese Market Significantly Higher

The Japanese stock market is significantly higher on Thursday, recouping most of the losses in the previous session, with the benchmark Nikkei 225 moving above the 29,500 level, following the mostly positive cues overnight from Wall Street, with technology stocks tracking their peers on Nasdaq amid a retreat in bond yields.

The benchmark Nikkei 225 Index is gaining 198.81 points or 0.68 percent to 29,501.47, after touching a high of 29,570.42 earlier. Japanese shares ended sharply lower on Wednesday.

Market heavyweight SoftBank Group is gaining more than 1 percent and Uniqlo operator Fast Retailing is adding almost 2 percent. Among automakers, Toyota is edging up 0.2 percent and Honda is gaining more than 1 percent.

In the tech space, Advantest is edging up 0.2 percent and Tokyo Electron is gaining almost 1 percent, while Screen Holdings is losing almost 1 percent.

In the banking sector, Mitsubishi UFJ Financial is edging up 0.4 percent, Sumitomo Mitsui Financial is gaining more than 1 percent and Mizuho Financial is adding almost 1 percent.

The major exporters are mostly higher. Panasonic is edging up 0.2 percent, Sony is gaining almost 2 percent and Canon is adding almost 1 percent, while Mitsubishi Electric is edging down 0.1 percent.

Among the other major gainers, GS Yuasa is gaining more than 4 percent and Asahi Kasei is adding almost 4 percent, while Fuji Electric, Shionogi & Co. and Yamaha Motor are up more than 3 percent each.

Conversely, ANA Holdings is plunging more than 5 percent.

In the currency market, the U.S. dollar is trading in the lower 115 yen-range on Thursday.

On Wall Street, stocks moved to the downside early in the session on Wednesday but showed a notable turnaround over the course of the trading day. The major averages climbed well off their early lows, with the Nasdaq and the S&P 500 closing in positive territory.

The Nasdaq rose 70.09 points or 0.4 percent to 15,845.23 and the S&P 500 inched up 10.76 points or 0.2 percent to 4,701.46. Meanwhile, the Dow bounced well off its worst levels but still closed down 9.42 points or less than a tenth of a percent at 35,804.38.

The major European markets also finished the day mixed. While the U.K.'s FTSE 100 Index rose by 0.3 percent, the French CAC 40 Index closed just below the unchanged line and the German DAX Index fell by 0.4 percent.

Crude oil futures settled slightly lower on Wednesday after data showed a modest increase in U.S. crude stockpiles last week. West Texas Intermediate crude oil futures ended down by $0.11 or 0.14 percent at $78.39 a barrel.

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