After experiencing losses in a previous session, the Japanese stock market is showing considerable recovery on Tuesday. The Nikkei 225 has significantly jumped beyond the 39,900 level. This is despite mostly unfavorable signals from Wall Street the night before. The rise covers most sectors and is primarily represented by prominent indexes and tech stocks.
The Nikkei 225 Index, for instance, is ahead by 171.79 points or 0.43 percent, reaching 39,974.88. It even touched a high of 40,151.05 sometime earlier. Monday saw this Japanese index sharply decline.
Dominating players in the market such as SoftBank Group and Uniqlo operator Fast Retailing are each experiencing minor gains of 0.3 percent and 0.2 percent respectively. Car manufacturers like Honda and Toyota are both enjoying roughly a 1 percent rise.
In the tech sector, Advantest and Tokyo Electron are each gaining almost 1 and 3 percent respectively. Similarly, Screen Holdings is seeing nearly a 2 percent increase.
In the banking industry, Sumitomo Mitsui Financial, Mitsubishi UFJ Financial, and Mizuho Financial are each enjoying approximately a 1 percent increase.
Major exporters are generally doing well. Shares in Canon and Sony are quietly climbing 0.1 to 0.3 percent respectively, whereas Mitsubishi Electric is gaining over 1 percent. Panasonic, on the other hand, is down by nearly 1 percent.
Significant gains can be seen in Sumco with almost a 4 percent increase. Renesas Electronics, Ebara, and Resonac Holdings are each seeing more than a 3 percent rise. Sumitomo Metal Mining, Nippon Steel, MS&AD Insurance Group, Tokio Marine, and Toyota Tsusho are each experiencing nearly a 3 percent surge.
On the downside, Odakyu Electric Railway is dropping by more than 3 percent, and Rakuten Group is down by almost 3 percent.
In economic news, the Bank of Japan reported a 1.6 percent annual increase for the monetary base in March, totaling 666.240 trillion yen. Predictions were for a 2.5 percent rise, rather than the revised 2.4 percent in February. The seasonally corrected cash supply was up by 3.6 percent.
As to the currency market, the U.S. dollar traded for more than 151 yen on Tuesday.
Wall Street saw most of its stocks declining on Monday, unable to maintain earlier positive results. Following record highs last Thursday, the Dow and S&P 500 experienced losses. The latter ended the day on a good note.
Further, the Nasdaq index saw a minor increase of 17.37 points or 0.1 percent, reaching 16,396.83. However, the Dow decreased 240.52 points or 0.6 percent to 39,566.85 and the S&P 500 declined nearly 10.58 points or 0.2 percent to 5,243.77.
In keeping with holiday observance, major European markets were closed for Easter Monday.
Crude oil prices started this week with an increase following concerns over potential supply drops due to reports of an Israeli attack near the Iranian embassy in Damascus. As a result, West Texas Intermediate Crude oil futures for May increased by $0.54 or 0.65 percent, hitting a price of $83.71 per barrel.
