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Japanese Market Notably Lower

TOKYO (dpa-AFX) - The Japanese stock market is trading notably lower on Tuesday, extending the slight losses in the previous session, despite the broadly positive cues from Wall Street overnight, with the Nikkei 225 falling well below the 69,300 level, with weakness in technology stocks partially o…

The benchmark Nikkei 225 Index is down 460.81 points or 0.66 percent at 69,276.88, after hitting a low of 69,185.74 earlier. Japanese shares ended slightly lower on Monday.

Market heavyweight SoftBank Group is gaining almost 1 percent, while Uniqlo operator Fast Retailing is edging down 0.5 percent. Among automakers, Honda is edging down 0.4 percent, while Toyota is gaining more than 1 percent.

In the tech space, Advantest is edging up 0.2 percent, while Screen Holdings is declining more than 2 percent and Tokyo Electron is losing almost 1 percent.

In the banking sector, Sumitomo Mitsui Financial is adding almost 2 percent, Mitsubishi UFJ Financial is advancing almost 4 percent and Mizuho Financial is gaining more than 3 percent.

The major exporters are mostly higher. Mitsubishi Electric and Sony are gaining almost 1 percent each, while Canon is edging up 0.1 percent. Panasonic is slipping almost 3 percent.

Among the other major losers, Sumco and Kioxia Holdings are tumbling almost 6 percent each, while Taiyo Yuden, Lasertec and Kawasaki Kisen Kaisha are declining almost 5 percent each. Nippon Yusen K.K., Nippon Express and Keisei Electric Railway are losing almost 3 percent each.

Conversely, Resona Holdings is surging more than 5 percent, while SHIFT and Renesas Electronics are advancing almost 5 percent each. Recruit Holdings, Chiba Bank, Fukuoka Financial, Hitachi, Sumitomo, Yokohama Financial and Toyota Tsusho are gaining more than 3 percent each. Shizuoka Financial, Mitsubishi and Nomura Holdings are adding almost 3 percent each.

In economic news, the average of household spending in Japan was up a seasonally adjusted 3.7 percent on month in May, the Ministry of Internal Affairs and Communications said on Tuesday - standing at 320,345 yen. That beat expectations for an increase of 1.4 percent and was up from 1.6 percent in April.

On a yearly basis, spending was down 0.4 percent - but that also beat forecasts for a decline of 2.3 percent following the 0.5 percent drop in the previous month. The average of monthly income per household stood at 534,893 yen, up 0.7 percent on year.

In the currency market, the U.S. dollar is trading in the lower 162 yen-range on Tuesday.

On Wall Street, stocks moved mostly higher during trading on Monday following the long Independence Day weekend. The major averages all moved to the upside, with the Dow reaching a new record closing high.

The tech-heavy Nasdaq led the way higher, jumping 288.49 points or 1.1 percent to 26,121.16. The S&P 500 also advanced 54.19 points or 0.7 percent to 7,537.43, while the Dow rose 155.84 points or 0.3 percent to 53,055.91.

Meanwhile, the major European markets ended the day mixed. While the German DAX Index rose by 0.2 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index both fell by 0.3 percent.

Crude oil prices ticked lower on Monday as oil tanker traffic across the Strait of Hormuz increased gradually, while the Organization of Petroleum Exporting Countries (OPEC) agreed to increase output. West Texas Intermediate crude for August delivery was down $0.15 or 0.22 percent at $68.54 per barrel.