Japanese Market Advances

The Japanese stock market is advancing on Monday despite the absence of fresh cues from Wall Street, which was closed on Friday for a holiday, and the rising number of coronavirus cases around the world.

Tokyo reported 111 new coronavirus cases on Sunday, exceeding more than 100 coronavirus infections for the fourth straight day.

The benchmark Nikkei 225 Index is adding 231.86 points or 1.04 percent to 22,538.34, after touching a high of 22,541.26 earlier. Japanese shares closed higher on Friday.

Market heavyweight SoftBank Group and Fast Retailing are rising more than 1 percent each.

In the financial sector, Sumitomo Mitsui Financial and Mitsubishi UFJ Financial are adding 0.5 percent each.

The major exporters are also higher on a weaker yen. Panasonic is higher by almost 3 percent, Canon is advancing more than 1 percent, Mitsubishi Electric is adding 0.5 percent and Sony is up 0.3 percent.

In the tech space, Advantest is rising more than 2 percent and Tokyo Electron is higher by more than 1 percent. Among automakers, Toyota is rising 0.6 percent and Honda is up 0.5 percent.

In the oil sector, Japan Petroleum is adding 0.2 percent, while Inpex is edging down 0.1 percent.

Among the major gainers, Mitsui E&S is rising more than 4 percent, Yaskawa Electric is higher by more than 3 percent and Z Holdings is advancing more than 2 percent.

On the flip side, Sumitomo Realty & Development, Chugai Pharmaceutical, Tokyu Corp., Mitsui Fudosan and Shionogi & Co. are all lower by more than 1 percent each.

In the currency market, the U.S. dollar is trading in the upper 107 yen-range on Monday.

The U.S. stock markets were closed on Friday for the Independence Day holiday.

The major European markets ended lower on Friday as rising coronavirus cases in the U.S. raised fears of another lockdown in several states and dimmed hopes about a quick economic recovery. The U.K.'s FTSE 100 declined 1.3 percent, Germany's DAX shed 0.6 percent and France's CAC 40 slid 0.8 percent.