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Japanese Market Sharply Higher, Up 2.5%

The Japanese stock market is sharply higher on Friday, recouping the losses in the previous session, with the benchmark Nikkei 225 adding almost 700 points to be above the 26,400 level, following the mixed cues from Wall Street overnight, on news that the Japanese government will implement new policies to boost growth, even as rising worries about high inflation and tightening monetary policies remain.

The benchmark Nikkei 225 Index is gaining 672.84 points or 2.61 percent to 26,421.56, after touching a high of 26,428.93 earlier. Japanese shares closed sharply lower on Thursday.

Market heavyweight SoftBank Group is soaring almost 10 percent and Uniqlo operator Fast Retailing is gaining more than 4 percent. Among automakers, Honda is gaining more than 1 percent and Toyota is adding almost 1 percent.

In the tech space, Advantest is gaining more than 3 percent, Screen Holdings is adding almost 5 percent and Tokyo Electron is up more than 4 percent.

In the banking sector, Mizuho Financial is edging up 0.2 percent and Sumitomo Mitsui Financial is adding almost 1 percent, while Mitsubishi UFJ Financial is edging down 0.3 percent.

Among major exporters, Sony is gaining more than 2 percent, Mitsubishi Electric is surging more than 5 percent and Panasonic is adding almost 1 percent, while Canon is losing more than 1 percent.

Among the other major gainers, JGC Holdings is soaring more than 20 percent, Fujikura is surging almost 17 percent and Citizen Watch is rising almost 13 percent, while Marui Group and OKUMA are adding more than 10 percent each. NEXON is up more than 8 percent, while Haseko and Olympus are rising almost 8 percent each. Recruit Holdings and Furukawa Electric are gaining more than 6 percent each, while Rakuten Group is advancing almost 6 percent, while Mitsubishi Electric and Konami Holdings are adding almost 5 percent each.

Conversely, Casio Computer is plunging almost 16 percent, Secom is slipping more than 9 percent, Konica Minolta is sliding almost 9 percent, Comsys Holdings is declining more than 6 percent, Nikon is dropping almost 6 percent and Resona Holdings is losing more than 5 percent, while Ebar and NTT Data are down almost 5 percent each. Trend Micro is losing more than 4 percent, while Teijin and UBE are down almost 4 percent each.

In the currency market, the U.S. dollar is trading in the lower 129 yen-range on Friday.

On Wall Street, stocks saw substantial volatility over the course of the trading day on Thursday before ending the day little changed. After showing wild swings as the day progressed, the major averages closed narrowly mixed.

The major averages showed a notable recovery going into the close, with the tech-heavy Nasdaq inching up 6.73 points or 0.1 percent to 11,370.96. Meanwhile, the S&P 500 edged down 5.10 points or 0.1 percent to 3,930.08 and the narrower Dow dipped 103.81 points or 0.3 percent at 31,730.30.

Meanwhile, the major European markets moved to the downside on the day. While the U.K.'s FTSE 100 tumbled 1.6 percent, the French CAC 40 Index slumped by 1 percent and the German DAX Index fell by 0.6 percent.

Crude oil futures ended modestly higher on Thursday as the European Union's proposal to ban Russian oil offset concerns of prolonged Covid-19 lockdowns in China. West Texas Intermediate Crude oil futures for June ended higher by $0.42 or 0.4 percent at $106.13 a barrel.

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