Japanese Market Slightly Higher

(RTTNews) - The Japanese market is slightly higher in choppy trading on Friday after alternating across the unchanged line, extending the gains in the previous three sessions, following the mixed cues from Wall Street overnight. The Nikkei 225 is moving above the 53,400 level, with gains in automakers and exporter stocks.

The benchmark Nikkei 225 Index is up 36.62 points or 0.07 percent to 53,412.22, after hitting a low of 53,195.44 earlier. Japanese shares ended slightly higher on Thursday.

Market heavyweight SoftBank Group is gaining almost 5 percent, while Uniqlo operator Fast Retailing is flat. Among automakers, Toyota is gaining more than 1 percent and Honda is adding almost 1 percent.

In the tech space, Advantest is losing almost 5 percent, while Screen Holdings and Tokyo Electron are gaining more than 1 percent each.

In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are gaining almost 1 percent each, while Mitsubishi UFJ Financial is edging up 0.4 percent.

Among the major exporters, Sony is edging down 0.5 percent. Canon is gaining 1.5 percent, while Mitsubishi Electric and Panasonic are gaining almost 1 percent each.

Among other major gainers, Casio Computer is soaring almost 12 percent, Fujitsu is surging more than 6 percent and Konami Group is rising almost 5 percent, while Chugai Pharmaceutical and Hitachi are gaining more than 4 percent each. Sumitomo Metal Mining and Tokyo Electric Power are adding almost 4 percent each, while Furukawa Electric and ENEOS Holdings are up more than 3 percent each. Shin-Etsu Chemical, Fujikura and Sumitomo Pharma are gaining almost 3 percent each.

Conversely, Nomura Research Institute is tumbling more than 13 percent and Tokuyama is slipping more than 8 percent and Fuji Electric is sliding almost 7 percent, while Keyence, Hitachi Construction Machinery and SHIFT are declining more than 3 percent each.

In economic news, the unemployment rate in Japan came in at a seasonally adjusted 2,6 percent in December, the Ministry of Internal Affairs and Communications said on Friday. That was unchanged from the November reading and in line with expectations. The job-to-applicant ratio was 1.19 - exceeding forecasts for 1.18, which would have been unchanged.

The ministry also noted that overall consumer prices in the Tokyo region were up 1.5 percent on year, easing from 2.0 percent in December. Core CPI was up an annual 2.0 percent, slowing from 2.3 percent in the previous month.

Meanwhile, industrial production in Japan was down a seasonally adjusted 0.1 percent on month in December, the Ministry of Economy, Trade and Industry said on Friday. That beat forecasts for a drop of 0.4 percent following the 2.7 percent decline in November. On a yearly basis, industrial production was up 2.6 percent. Upon the release of the data, the METI maintained its assessment of industrial production, saying that it continues to fluctuate indecisively.

Also, retail sales slumped 0.9 percent on year in December, well shy of expectations for an increase of 0.7 percent following the gain of 1.1 percent in November.

In the currency market, the U.S. dollar is trading in the mid-153 yen-range on Friday.

On Wall Street, stocks showed a substantial recovery attempt over the course of the trading day on Thursday following a nosedive seen early in the session. The major averages climbed well off their worst levels of the day, with the Dow reaching positive territory.

The Dow ended the day up 55.96 points or 0.1 percent at 49,071.56, while the S&P 500 closed down just 9.02 points or 0.1 percent at 6,969.01. The tech-heavy Nasdaq ended the day more firmly negative, down 172.33 points or 0.7 percent at 23,685.12, although it had tumbled by as much as 2.6 percent.

The major European markets also turned in a mixed performance on the day. While the German DAX Index dove by 2.1 percent, the French CAC 40 Index crept up by 0.1 percent and the U.K.'s FTSE 100 Index inched up by 0.2 percent.

Crude oil prices spiked on Thursday as Iran shrugged off U.S. threats to negotiate or face attack, causing concerns over possible supply disruptions. West Texas Intermediate crude for March delivery was up $2.23 or 3.53 percent at $65.44 per barrel.