Japanese Market Recovers After Weak Start

(RTTNews) - After opening lower on the back of the yen's surge against the U.S. dollar, the Japanese stock market bounced back on Thursday following the local currency losing some ground subsequently. However, amid cautious trades, the market faltered again and is currently trading marginally down in negative territory.

The benchmark Nikkei 225 index, which rallied to 14,093 after tumbling to 13,962 in early trades, is currently down 16.1 points or 0.1 percent at 14,039.5.

Dentsu Inc. is trading lower by over 9 percent. Konami Corp. is declining by 4.4 percent. JFE Holdings, Mitsubishi Motors, Mitsui Mining & Smelting, Shinsei Bank, Minebea, Nippon Electric Glass, Pacific Metals and Nissan Motor are trading lower by 1.5 to 3 percent.

Shizuoka Bank, Nisshin Steel Holdings, Mitsui Chemicals, Furukawa Electric, Osaka Gas and Mitsubishi Materials are among the other notable losers.

Among the gainers, Chiyoda Corp. is up nearly 4 percent following the company acquiring British marine resource survey company Xodus Group.

Tokyo Dome is up 5.3 percent, Tokyo Electric Power, Tokyu Land and Nippon Paper Industries are up 3 to 4 percent, while Dainippon Screen Manufacturing, Takara Holdings, NTN Corp. and Sumitomo Chemicals are moving up by 2 to 2.8 percent.

East Japan Railway, Heiwa Real Estate, Daiwa House Industry, Oji Holdings, Fast Retailing, Sony Financial Holdings, Central Japan Railway and Pioneer Corp. are also trading notably higher.

In the currency market, the U.S. dollar traded below 100 yen in early deals in Tokyo. The yen is currently trading at 99.92 to the U.S. dollar.

Among other markets in the Asia-Pacific region, Australia, Hong Kong, Indonesia, South Korea and Singapore are trading notably higher. Malaysia, New Zealand and Taiwan are up marginally, while Shanghai is trading weak.

On Wall Street, stocks moved mostly higher on Wednesday, after showing a lack of direction for much of the abbreviated session.

While the S&P 500 inched up 1.3 points or 0.1 percent to 1,615.4, the Dow rose 56.1 points or 0.4 percent to 14,988.5 and the Nasdaq climbed 10.3 points or 0.3 percent to 3,443.7.

Major European markets ended notably lower on Wednesday. While the German DAX index declined by 1 percent, the French CAC 40 index and the U.K.'s FTSE 100 index dropped by 1.1 percent and 1.2 percent, respectively.

U.S. crude oil surged ahead of the $101-mark to end at a 13-month high on Wednesday, after an Energy Information Administration weekly oil report showed crude stockpiles to have plunged more than expected for the week ended June 28. Oil prices found an added impetus with the Egypt imbroglio gathering strength.

Crude for August delivery ended up $1.64 or 1.6 percent to close at $101.24 a barrel on the New York Mercantile Exchange, after hitting a high of $102.18 a barrel intraday.