The Japanese stock market is surging on Monday after U.S. stocks rebounded Friday on upbeat jobs data as well as on news that U.S.-China trade talks will start today. In addition, exporters’ shares were bolstered by a weaker yen.
The benchmark Nikkei 225 Index is gaining 631.48 points or 3.23 percent to 20,193.44, off a high of 20,266.22 earlier. Japanese shares fell sharply on Friday in the first trading session of 2019.
Among the major exporters, Sony is gaining almost 5 percent, Panasonic is rising more than 4 percent, Mitsubishi Electric is adding 4 percent and Canon is higher by almost 4 percent.
In the tech sector, Advantest is gaining almost 6 percent and Tokyo Electron is up more than 6 percent.
Among the major automakers, Honda is advancing almost 4 percent and Toyota is rising more than 3 percent.
In the banking sector, Mitsubishi UFJ Financial and Sumitomo Mitsui Financial are advancing almost 3 percent each. In the oil space, Inpex is advancing almost 2 percent and Japan Petroleum is rising almost 3 percent.
Among the other major gainers, Tokai Carbon is gaining more than 9 percent and Toho Zinc is higher by almost 9 percent. Showa Denko, Kawasaki Kisen Kaisha and Pacific Metals are all rising almost 8 percent each.
On the flip side, FamilyMart UNY Holdings is losing almost 4 percent.
On the economic front, the latest survey from Nikkei revealed that the services sector in Japan continued to expand in December, albeit at a slower pace, with a PMI score of 51.0. That’s down from 52.3 in November, although it remains above the boom-of-bust line of 50 that separates expansion from contraction.
The Nikkei also said its composite index slipped to a reading of 52.0 in December, down from 52.4 in the previous month.