Japanese Market Modestly Lower

(RTTNews) - The Japanese stock market, which resumed trading after a three-day holiday, is modestly lower on Monday despite the positive cues from Wall Street on Friday. A stronger yen is weighing on exporters' shares.

In late-morning trades, the benchmark Nikkei 225 Index is losing 21.33 points or 0.11 percent to 19,406.34, off a low of 19,385.94 earlier.

Among the major exporters, Toshiba is declining 0.7 percent, Panasonic is losing 0.6 percent, Canon is down 0.2 percent and Sony is lower by 0.1 percent.

Automaker Toyota is down more than 1 percent and Honda is losing almost 2 percent. Fast Retailing is edging down 0.02 percent.

In the oil space, Inpex is lower by almost 2 percent and JX Holdings is down more than 1 percent.

Shares of Mitsubishi Heavy Industries are rising 0.5 percent despite news that the company's first commercial jet is likely to be delayed for a fifth time.

Among the other major gainers, Konami Holdings is rising almost 4 percent, Olympus Corp. is gaining more than 3 percent and DeNA is higher by almost 3 percent.

Meanwhile, Taiyo Yuden and KDDI Corp. are losing more than 2 percent each.

In the currency market, the U.S. dollar traded in the lower 117 yen-range on Monday.

On Wall Street, stocks closed modestly higher on Friday in choppy trading as many traders were away from their desks with Christmas on the horizon.

The Dow inched up 14.93 points or 0.1 percent to 19,933.81, the Nasdaq rose 15.27 points or 0.3 percent to 5,462.69 and the S&P 500 crept up 2.83 points or 0.1 percent to 2,263.79.

The major European markets closed roughly flat in light pre-holiday trading on Friday. While the German DAX Index edged down by 0.1 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both inched up by 0.1 percent.

Crude oil prices rebounded from early losses Friday, holding above $53 ahead of the Christmas break. WTI oil for February rose $0.07 or 0.1 percent to close at $53.02 a barrel on the New York Mercantile Exchange.