RTTNews - A higher open expected for Japan stocks on Wednesday, on the heels of Wall Street's rebound overnight. U.S. markets rose on the back of better than expected corporate earnings reports.
Japan's main market indices posted modest gains on Tuesday, although the broader market was little changed.
The benchmark Nikkei 225 Average was up 16.35 points or 0.16 percent to close at 10,284.96.
Among the Nikkei component stocks, there were 98 closing higher, 111 were lower and 16 were unchanged.
The broader Topix index of all first section shares was virtually unchanged, climbing 0.07 points or 0.01 percent to close at 949.66.
A weaker yen helped the major exporters. Honda Motor rose 10 yen or 0.33 percent, Konica Minolta was up 35 yen or 4.24 percent and Canon was up 70 yen or 2.13 percent.
Among the other car makers, Subaru maker Fuji Heavy was up 8 yen or 1.90 percent, Mazda Motors was down 3 yen or 1.15 percent, Mitsubishi Motor was down 2 yen or 1.20 percent and Toyota was up 30 yen or 0.75 percent.
Falling crude prices hurt shares of oil producer Inpex, which dropped 3,000 yen or 0.42 percent.
In the financial sector, Mitsubishi UFJ was up 2 yen or 0.34 percent, Mizuho Financial was down 3 yen or 1.32 percent, Sumitomo Mitsui was down 10 yen or 0.25 percent and Resona Holdings was up 2 yen or 0.15 percent.
Casio Computer jumped 70 yen or 7.11 percent after a rating upgrade from Credit Suisse.
Overseas, stocks in the U.S. responded positively to a round of better than expected earnings reports, especially those in the retail sector. At Tuesday's closing bell on Wall Street, the Dow Jones Industrial Average was up 82.60 points or 0.90 percent at 9,217.945, the Nasdaq Composite index was up 25.08 points or 1.30 percent at 1,955.92 and the Standard & Poor's 500 index was ahead by 9.94 points or 1.01 percent at 989.67.
Markets in the Asia/Pacific region finished mixed on Tuesday.
Hong Kong's Hang Seng index was up 169.20 points or 0.84 percent at 20,306.27.
The Shanghai Composite Index in China was up 40.25 points or 1.40 percent at 2,910.88.
In Indonesia, the Jakarta Composite index was down 49.88 points or 2.0 percent at 2,336.99.
India's BSE 30 index was up 250.34 points or 1.69 percent at 15,035.26.
South Korea's KOSPI/Seoul Composite index was up 3.18 points or 0.21 percent at 1,550.24.
The Taiwan Weighted Index was down 142.03 points or 2.05 percent at 6,789.77.
On Wednesday's economic data calendar, Japan is scheduled to release June numbers for its all industry activity index. Also due are final July figures for machine tool orders.
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