Japanese Market Rises

(RTTNews) - The Japanese stock market is up with strong gains on Monday despite the weak lead from Wall Street. A weaker yen and better-than-expected trade data boosted exporters' stocks.

In late-morning trades, the benchmark Nikkei 225 Index is gaining 135.54 points or 0.67 percent to 20,399.95, off a high of 20,409.05 earlier.

In the banking space, Mitsubishi UFJ Financial (MTU) is adding 0.8 percent, Sumitomo Mitsui Financial is advancing 0.7 percent and Mizuho Financial is higher by almost 1 percent each.

Among the major exporters, Sony Corp. (SNE) is up more than 2 percent, Canon is adding 0.4 percent, Nikon is higher by 0.6 percent and Panasonic is advancing almost 2 percent.

In the tech space, Fanuc is up 0.4 percent, while Sharp is gaining more than 3 percent and Casio Computer is adding 0.6 percent.

Auto stocks are also higher. Toyota (TM), Honda (HMC) and Nissan are gaining more than 1 percent each.

Among the market heavyweights, mobile carrier Softbank is higher by more than 1 percent, while Fast Retailing, the operator of Uniqlo clothing stores, is adding 0.6 percent.

Mitsubishi Corp and Tokyo Electric Power have won an order to construct a large power plant in Qatar. Shares of Tokyo Electric are gaining more than 5 percent, while Mitsubishi is up more than 1 percent.

Home electronics chain Yamada Denki said it plans to close at least 40 stores by the end of May. Shares of the company are gaining more than 2 percent.

Among the other major gainers, Nitto Denko is gaining 1.9 percent, Sumco Corp is up 1.3 percent and Tokai Carbon is adding 0.8 percent.

On the economic front, Japan posted a merchandise trade deficit of 53.44 billion yen in April, the Ministry of Finance said on Monday. The headline figure beat expectations for a deficit of 386.8 billion yen following the upwardly revised 50 billion yen surplus in March.

Exports climbed 8.0 percent on year - also topping forecasts for an increase of 6.0 percent following the 8.5 percent jump in the previous month. Imports dropped an annual 4.2 percent versus expectations for a fall of 1.1 percent after tumbling 14.5 percent a month earlier.

In the currency market, the U.S. dollar was trading in the mid-121 yen range on Monday, up from the upper 120-yen range at close on Friday.

On Wall Street, stocks closed lower Friday after hawkish remarks from Federal Reserve Chair Janet Yellen, who said the central bank will likely raise interest rates this year, as long as economic activity picks up. The choppy trading also followed the release of the Labor Department's closely watched report on consumer price inflation.

The S&P 500 closed 4.76 points or 0.2 percent lower at 2,126.06, the Dow Jones Industrial Average closed 53.72 points or 0.3 percent lower at 18,232.02 and the Nasdaq Composite index ended the session down 1.43 points at 5,089.36.

The majority of the European markets ended Friday's session in negative territory as investor concerns over Greece continued to impact the markets. The DAX of Germany declined by 0.42 percent and the CAC 40 of France fell by 0.07 percent, while the FTSE of the U.K. gained 0.26 percent.

U.S. crude oil ended snapped a two-day gain to end lower on Friday, as the dollar strengthened against a select band of currencies with investors weighing the Federal Reserve stand on holding interest rates at zero for the time being.

Crude Oil futures for July delivery, the most actively traded contract, dived $1.00 or 1.7 percent, to settle at $59.72 a barrel on the New York Mercantile Exchange Friday.