RTTNews - a mixed to higher open is expected for Japan stocks on Wednesday, following the continuation of Wall Street's summer rally overnight.
U.S. stocks rose modestly on positive housing and consumer confidence data along with the announced re-nomination of Ben Barnanke as Federal Reserve Chairman.
Japan stocks retreated Tuesday following Monday's gain, with a stronger yen hurting the major exporters.
The benchmark Nikkei 225 Average declined 83.69 points or 0.79 percent to close at 10,497.36.
Among the Nikkei component stocks, there were 52 closing higher, 158 were lower and 15 finished unchanged.
The broader Topix Index was down 5.16 points or 0.5 percent to close at 965.11.
Among the exporters, Honda Motor was down 60 yen or 1.97 percent, Canon was down 40 yen or 1.08 percent, Sony was down 5 yen or 0.20 percent and Tokyo Electron declined 120 yen or 2.28 percent.
Elsewhere in the auto sector, Toyota Motor was down 20 yen or 0.49 percent, Mazda was down 4 yen or 1.49 percent, Mitsubishi Motor was down 1 yen or 0.59 percent and Fuji heavy was up 1 yen or 0.24 percent.
Among the telecoms, Nippon Telegraph and Telephone was down 10 yen or 0.25 percent, NTT DoCoMo was unchanged, KDDI fell 9,000 yen or 1.69 percent and Softbank was down 25 yen or 1.22 percent.
Shares of Sanyo electric closed down 2 yen or 0.75 percent, Panasonic Electric was down 7 yen or 0.62 percent and Pioneer Corp rose 33 yen or 11.70 percent.
Overseas, stocks on Wall Street moved higher on Tuesday in the wake of improving consumer confidence data, increasing hope prices and the reappointment of Ben Bernanke as Federal Reserve Chairman.
The Dow Jones Industrial Average closed higher for the sixth straight session, gaining 30.01 points or 0.32 percent at 9,539.29. The Nasdaq Composite Index rose 6.25 points or 0.31 percent to 2,024.23 and the Standard & Poor's 500 index was up 2.43 points or 0.24 percent at 1.028.00.
About an hour before the closing bell, the Dow Jones Industrial Average was up 39.91 points or 0.42 percent at 9,549.19, the Nasdaq Composite index was up 5.01 points or 0.25 percent and the Standard & Poor's 500 index was higher by 2.90 points or 0.28 percent at 1,028.47.
Markets in the remainder of the Asia/Pacific region were mixed on Tuesday.
Hong Kong's Hang Seng index dropped 100.70 points or 0.49 percent to 20,435.24.
China's Shanghai Composite index fell 77.63 points or 2.59 percent to 2,915.80.
In India, the BSE 30 index was up 59.72 points or 0.38 percent at 15,688.47.
Indonesia's Jakarta Composite index was up 4.65 points or 0.20 percent at 2.380.52.
The KOSPI/Seoul Composite index in South Korea was down 10.84 points or 0.67 percent at 1,601.38.
The Taiwan Weighted Index was down 20.84 points or 0.42 percent at 6,809.41.
On Wednesday's docket of economic data releases, Japan is scheduled to release July numbers for its merchandise trade balance. Also due are July numbers for corporate service prices and small business confidence for August.
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