(RTTNews.com) - The Japanese stock market is notably higher on Monday following the positive cues from Wall Street on a drop in bond yields and as the safe-haven yen weakened.
In late-morning trades, the benchmark Nikkei 225 Index is rising 245.60 points or 1.12 percent to 22,138.38, off a high of 22,226.53 in early trades.
The major exporters are higher on a weaker yen. Canon and Panasonic are higher by more than 1 percent each, Sony is advancing almost 1 percent and Mitsubishi Electric is up 0.5 percent. SoftBank is advancing more than 1 percent.
Among automakers, Toyota is rising 0.5 percent and Honda is adding more than 1 percent.
In the banking sector, Mitsubishi UFJ Financial is rising almost 1 percent and Sumitomo Mitsui Financial is higher by 0.6 percent.
In the oil space, Inpex is adding more than 1 percent and Japan Petroleum Exploration is rising more than 2 percent after crude oil prices gained more than 1 percent.
Among the market's best performers, Casio Computer is rising almost 4 percent, Ricoh is gaining almost 3 percent and Chughai Pharmaceutical is higher by more than 2 percent.
On the flip side, Tokai Carbon is losing more than 4 percent, Sumitomo Metal Mining is lower by almost 2 percent and Nisshin Steel is down more than 1 percent.
In economic news, Japan will see final December numbers for its leading and coincident indexes today.
In the currency market, the U.S. dollar is trading in the upper 106 yen-range on Monday.
On Wall Street, stocks rallied on Friday reflecting a continued drop by treasury yields, with the ten-year yield pulling back further off the four-year closing high set on Wednesday. Light trading activity may have exaggerated the upward move, as some traders stayed on the sidelines amid a lack of major U.S. economic data.
The Dow jumped 347.51 points or 1.4 percent to 25,309.99, the Nasdaq soared 127.31 points or 1.8 percent to 7,337.39 and the S&P 500 shot up 43.34 points or 1.6 percent to 2,747.30.
The major European markets turned in a mixed performance on Friday. While the U.K.'s FTSE 100 Index edged down by 0.1 percent, the French CAC 40 Index and the German DAX Index both crept up by 0.2 percent.
Crude oil prices continued to rise on Friday despite further signs of robust U.S. oil production. WTI April oil futures rose $0.78 or 1.2 percent to close at $63.55 a barrel on the New York Mercantile Exchange.
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