The Japanese stock market is rising on Wednesday, extending gains from the previous session, following the mostly positive cues from Wall Street and on a weaker yen. Nevertheless, investors are cautious ahead of the U.S. Federal Reserve's monetary policy decision due later in the day.

In late-morning trades, the benchmark Nikkei 225 Index is adding 66.71 points or 0.29 percent to 22,945.06, off a high of 22,976.93 earlier.

Among the major exporters, Panasonic is declining 1 percent and Sony is edging down 0.1 percent, while Mitsubishi Electric is adding almost 1 percent and Canon is flat.

Automaker Toyota is rising almost 2 percent and Honda is adding more than 1 percent. In the banking sector, Mitsubishi UFJ Financial is rising 0.4 percent and Sumitomo Mitsui Financial is adding 0.2 percent.

Among oil stocks, Inpex is losing more than 2 percent and Japan Petroleum Exploration is down more than 1 percent even as crude oil prices rose overnight.

Among the market's best performers, Nippon Express is rising 6 percent, while Nippon Yusen and Nippon Electric Glass are adding 3 percent each.

On the flip side, Sumco Corp. is losing more than 3 percent, while Denka Co. and Teijin are down almost 3 percent each.

In the currency market, the U.S. dollar is trading in the mid 110 yen-range on Wednesday.

On Wall Street, stocks closed mixed on Tuesday in choppy trading as traders looked ahead to monetary policy announcements by the Federal Reserve and the European Central Bank. Traders largely shrugged off the historic summit between President Donald Trump and North Korean leader Kim Jong Un.

While the Dow edged down 1.58 points or less than a tenth of a percent to 25,320.73, the Nasdaq climbed 43.87 points or 0.6 percent to 7,703.79 and the S&P 500 rose 4.85 points or 0.2 percent to 2,786.85.

The major European moved to the downside on Tuesday. While the German DAX Index closed just below the unchanged line, the French CAC 40 Index and the U.K.'s FTSE 100 Index both fell by 0.4 percent.

Crude oil prices rose on Tuesday amid indications that Saudi Arabia is ramping up production. WTI crude rose $0.26 to $66.36 a barrel on the New York Mercantile Exchange.

by P2PNews Staff Writer

Market AnalysisBB

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