Japanese Market Significantly Higher

The Japanese stock market rebounding from three-month lows to trade significantly higher on Thursday, recouping some of the losses in the previous session, with the Nikkei 225 moving above the 26,300 mark, following the broadly positive cues from global markets overnight, as traders reacted to the Bank of England launching a 65 billion pound bond-buying program to stabilize its financial markets, sending global bond yields lower.

The benchmark Nikkei 225 Index is up 170.68 points or 0.65 percent to 26,344.66, after touching a high of 26,450.59 earlier. Japanese stocks closed sharply lower on Wednesday.

Market heavyweight SoftBank Group is gaining more than 2 percent and Uniqlo operator Fast Retailing is adding almost 3 percent. Among automakers, Honda is losing more than 1 percent and Toyota is flat.

In the tech space, Screen Holdings and Advantest are edging up 0.5 percent each, while Tokyo Electron is losing almost 1 percent.

In the banking sector, Mitsubishi UFJ Financial is losing almost 3 percent, Mizuho Financial is declining almost 2 percent and Sumitomo Mitsui Financial is up more than 1 percent.

Among the major exporters, Canon is gaining almost 2 percent and Sony is edging up 0.2 percent, while Mitsubishi Electric and Panasonic are edging down 0.2 to 0.5 percent each.

Among the other major gainers, Rakuten is surging more than 6 percent, while Yamaha, Unitika and Isetan Mitsukoshi are gaining more than 5 percent each. Pacific Metals is adding almost 5 percent, while Casio Computer and Shionogi & Co. are up more than 4 percent. Takashimaya, OKUMA, Sumitomo Metal Mining and Sumitomo Pharma are advancing almost 4 percent each, while Mitsubishi Heavy Industries, Marui Group, Toho Zinc and Nikon are rising more than 3 percent each.

Conversely, there are no major losers.

In the currency market, the U.S. dollar is trading in the lower 144 yen-range on Thursday.

On Wall Street, stocks showed a substantial rebound during trading on Wednesday after moving sharply lower over the past several sessions. The major averages all showed strong moves back to the upside, with the Dow and the S&P 500 bouncing off their lowest closing levels since late 2020.

The major averages pulled back off their highs of the session going into the close but held on to significant gains. The Dow surged 548.75 points or 1.9 percent to 29,683.74, the Nasdaq skyrocketed 222.13 points or 2.1 percent to 11,051.64 and the S&P 500 spiked 71.75 points or 2.0 percent to 3,719.04.

The major European markets also showed modest moves to the upside on the day. While the French CAC 40 Index edged up 0.2 percent, the U.K.'s FTSE 100 Index rose 0.3 percent and the German DAX Index climbed 0.4 percent.

Crude oil prices rose sharply Wednesday after data showed a dip in U.S. crude inventories last week, and the dollar's sharp drop also contributed to the jump in oil prices. West Texas Intermediate Crude oil futures for November ended higher by $3.65 or 4.7 percent at $82.15 a barrel.

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