Shutterstock photo(RTTNews.com) - The Japanese stock market is advancing on Wednesday, with investor sentiment bolstered by a weaker yen and optimism that the Trump administration is moving ahead with tax reform plans.
In late-morning trades, the benchmark Nikkei 225 Index is adding 117.08 points or 0.60 percent to 19,500.92, off a high of 19,561.32 in early trades.
Among the major exporters, Sony is adding more than 1 percent, Canon is up almost 1 percent, Mitsubishi Electric is rising 0.5 percent and Panasonic is higher by 0.3 percent.
In the oil space, Inpex is rising 0.4 percent and Japan Petroleum Exploration is up 0.2 percent as crude oil prices rose overnight.
Among the other major gainers, Showa Denko is rising more than 4 percent, Toray Industries is advancing almost 4 percent and Ebara Corp. is higher by more than 3 percent.
On the flip side, Yaskawa Electric is down almost 2 percent, while Tokyo Gas and JFE Holdings are losing more than 1 percent each.
In economic news, the manufacturing sector in Japan continued to expand in August, and at a faster pace, the latest survey from Nikkei revealed on Wednesday with a Manufacturing PMI score of 52.8.
That's up from 52.1 in July, and it moves farther above the boom-or-bust line of 50 that separates expansion from contraction.
In the currency market, the U.S. dollar is trading in the upper 109 yen-range on Wednesday.
On Wall Street, stocks closed sharply higher on Tuesday, partly reflecting a positive reaction to President Donald Trump's speech outlining his new strategy for Afghanistan. The rally by stocks also came after a report from Politico said Trump's top aides and congressional leaders have made significant strides in shaping a tax overhaul.
The Dow advanced 196.14 points or 0.9 percent to 21,899.89, the Nasdaq surged up 84.35 points or 1.4 percent to 6,297.48 and the S&P 500 jumped 24.14 points or 1 percent to 2,452.51.
The major European markets also showed notable moves back to the upside on Tuesday following recent weakness. While the German DAX Index jumped by 1.4 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both advanced by 0.9 percent.
Crude oil futures rose on Tuesday ahead of U.S. inventories data. September WTI oil added $0.27 or 0.6 percent to end at $47.64 a barrel on the contract's expiration day.
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