TOKYO (dpa-AFX) - The Japanese stock market rose on Wednesday, following the positive cues overnight from Wall Street and on optimism that Japanese policy makers will implement new stimulus measures.
In late-morning trades, the benchmark Nikkei 225 Index is adding 172.08 points or 1.12 percent to 15,495.22, off a high of 15,531.88 earlier.
Among the major exporters, Sharp is rising almost 7 percent, Sony is adding more than 3 percent, Panasonic is higher by more than 1 percent and Toshiba is gaining more than 4 percent, while Canon is edging down 0.05 percent. Market heavyweight Fast Retailing is up 0.5 percent.
Automaker Toyota is rising almost 3 percent and Honda is higher by more than 1 percent. In the banking space, Mitsubishi UFJ Financial is advancing almost 1 percent.
In the oil sector, Inpex is adding 0.5 percent and JX Holdings is rising almost 1 percent following the rebound in crude oil prices.
Among the other major gainers, Tokio Marine Holdings and JFE Holdings are rising more than 4 percent each. Meanwhile, J Front Retailing is losing almost 7 percent and UNY Group is down more than 3 percent.
In economic news, the Ministry of Economy, Trade and Industry said that the value of retail sales in Japan was roughly unchanged on a seasonally adjusted monthly basis, coming in at 11.543 billion yen. The headline figure was in line with expectations, following the 0.1 percent decline in April.
Japan also will see June results for its business confidence index today.
In the currency market, the U.S. dollar is trading in the lower 102 yen-range on Wednesday.
On Wall Street, stocks closed higher on Tuesday amid bargain hunting. Nonetheless, lingering concerns about the economic impact of the Brexit prevented the markets from recovering all of the lost ground.
The Dow surged up 269.48 points or 1.6 percent to 17,409.72, the Nasdaq soared 97.42 points or 2.1 percent to 4,691.87 and the S&P 500 jumped 35.55 points or 1.8 percent to 2,036.09.
The major European markets all moved sharply higher on Tuesday. While the German DAX Index surged up by 1.9 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both soared by 2.6 percent.
Crude oil futures rallied Tuesday along with global stocks after a two-day swoon brought on by the shock Brexit vote. WTI crude oil rose $1.52, or 3.3 percent, to settle at $47.85 per barrel on the New York Mercantile Exchange.
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Source: Equities.com News
(June 28, 2016 - 6:20 PM EDT)
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