Japanese Market Rises

Japanese Market Rises

Japanese Market Rises

The FINANCIAL -- The Japanese stock market is rising on October 9, recouping some of the losses in the previous session, as investor sentiment was bolstered by the gains on Wall Street and European markets overnight. Additionally, a weaker yen boosted exporters' stocks, according to Nasdaq.

In late-morning trades, the benchmark Nikkei 225 Index is adding 120.68 points or 0.67 percent to 18,261.85. Iron and steel, oil, and non-ferrous metal stocks are among the leading gainers.

Among the major exporters, Sony (SNE) is edging up 0.06 percent, Toshiba is gaining more than 4 percent, Panasonic is rising more than 2 percent and Canon is up more almost 2 percent.

Market heavyweight Fast Retailing, the maker of the Uniqlo clothing brand, is declining more than 9 percent after its full-year profit and outlook both missed analysts' estimates. SoftBank is gaining more than 2 percent.

In the banking space, Mitsubishi UFJ Financial (MTU) is edging up 0.01 percent and Mizuho Financial Group (MFG) is adding 0.5 percent, while Sumitomo Mitsui Financial is down 0.4 percent.

Among automakers, Toyota (TM) is advancing more than 1 percent and Honda is rising more than 2 percent.

Inpex is advancing 2.5 percent and JX Holdings is rising more than 3 percent after crude oil prices gained overnight.

Among the other major gainers, Toho Zinc is gaining more than 7 percent, Takara Holdings is up more than 6 percent and Trend Micro is rising 6 percent. Meanwhile, Casio Computer is down 2 percent and Marui Group is declining 1.6 percent.

In the currency market, the U.S. dollar traded around the 120-yen range on Friday, up from Thursday's close in the upper 119-yen range in Tokyo.

On Wall Street, stocks closed higher on October 8 in reaction to the minutes of the latest Federal Reserve meeting, which further offset recent uncertainty about the outlook for interest rates. While the minutes said members agreed the economic outlook had not been materially altered, the Fed decided it was prudent to wait for additional information before raising rates.

The Dow climbed 138.46 points or 0.8 percent to 17,050.75, the Nasdaq rose 19.64 points or 0.4 percent to 4,810.79 and the S&P 500 advanced 17.60 points or 0.9 percent to 2,013.43.

The major European markets also moved higher on October 8. While the U.K.'s FTSE 100 Index advanced by 0.6 percent, the German DAX Index and the French CAC 40 Index both edged up by 0.2 percent.

Crude oil prices surged back toward $50 a barrel on October 8 on upbeat demand growth outlook. Crude for November delivery jumped $1.62 or 3.4 percent to $49.43 a barrel on the New York Mercantile Exchange.