Precision instruments, paper, marine transport, mining and shipbuilding stocks opened on a firm note and are still mostly up in positive territory with notable gains. Automobile, bank, non-ferrous metals stocks are also finding good support. Shares from electric power, services, insurance, chemicals and retail sections are trading mixed.
The benchmark Nikkei 225 index, which opened above the 8,500 mark and edged up to 8,516.5, is currently trading at 8,498, up 102.8 points or 1.2 percent over its previous close.
Ebara Corp is up nearly 4.5 percent. Alps Electric, Toyo Seikan, Mitsumi Electric, Fanuc, Pioneer Corp, Konami, Toshiba Corp, Okuma, Nissan Chemical Industries, Pacific Metals and Sumco are gaining 2.5 to 3.5 percent.
Mitsubishi Materials, Olympus Corp, Nippon Soda, Hitachi Construction Machinery, Kawasaki Heavy Industries, Sumitomo Heavy Industries, Credit Saison, Fujitsu, Credit Saison, Advantest and Mitsubishi Chemicals are also up sharply.
Canon Inc shares are up more than 1.5 percent on reports the company may pay a 120 yen dividend this year.
In the banking space, Aozora Bank and Shizuoka Bank are up 1.3 percent and 0.7 percent, respectively. Mitsubishi UFJ Financial is trading modestly higher. Shinsei Bank and Mizuho Financial are trading flat, while Bank of Yokohama and Chiba Bank are down marginally.
Among automobile stocks, Hino Motors, Honda Motor, Mazda Motor, Suzuki Motor and Toyota Motor are up 1 to 2 percent. Isuzu Motors and Nissan Motor are trading modestly higher, while Mitsubishi Motor is down more than a percent.
Nomura Holdings is trading lower by 2.4 percent. Chubu Electric Power, SM Trust, Taiheiyo Cement, Yahoo Japan and Nippon Yusen are down with modest losses.
In the currency market, the U.S. dollar traded around 78 yen in early deals in Tokyo. The yen is currently trading at 77.99 to the U.S. dollar. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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