(fxcue news) - The Japanese stock market is trading modestly lower on Wednesday, reversing to the gains in the previous two sessions, following the mixed cues from Wall Street overnight. The Nikkei 225 is falling well below the 39,200 level, with weakness in index heavyweights, financial and automaker stocks. The benchmark Nikkei 225 Index is down 122.30 or 0.31 percent at 39,126.56, after touching a high of 39,417.08 and a low of 39,123.55 earlier. Japanese stocks ended sharply higher on Tuesday. Market heavyweight SoftBank Group is losing almost 2 percent, while Uniqlo operator Fast Retailing is up almost 1 percent. Among automakers, Honda is losing almost 2 percent and Toyota is edging down 0.4 percent. In the tech space, Advantest is gaining almost 2 percent, while Screen Holdings is losing almost 1 percent, while Tokyo Electron is flat. In the banking sector, Sumitomo Mitsui Financial and Mizuho Financial are losing almost 1 percent each, while Mitsubishi UFJ Financial is edging up 0.1 percent. Among the major exporters, Canon is losing more than 1 percent, while Mitsubishi Electric and Panasonic are edging down 0.3 to 0.5 percent each. Sony is gaining more than 1 percent. Among other major losers, Eisai and Keisei Electric Railway are losing more than 4 percent each, while Nikon is down more than 3 percent and Otsuka Holdings is declining almost 3 percent. Conversely, Ryohin Keikaku is surging almost 6 percent, DeNA is gaining almost 5 percent, ZOZO is adding more than 4 percent and Fujikura is up more than 3 percent, while Mitsubishi Heavy Industries and IHI are advancing almost 3 percent each. In economic news, the services sector in Japan moved back into expansion territory in November, the latest survey from Jibun Bank revealed on Tuesday with a service PMI score of 50.5. That's up from 49.7 in October, and it moves back 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 higher 149 yen-range on Wednesday. On the Wall Street, stocks showed a lack of direction over the course of the trading day on Tuesday following the mixed performance seen during Monday's session. Despite the choppy trading, the Nasdaq and the S&P 500 once again reached new record closing highs. The major averages eventually ended the day mixed. While the Dow dipped 76.47 points or 0.2 percent to 44,705.53, the Nasdaq rose 76.96 points or 0.4 percent to 19,480.91 and the S&P 500 crept up 2.73 points or 0.1 percent to 6,049.88. Meanwhile, the major European markets moved to the upside on the day. While the U.K.'s FTSE 100 Index advanced by 0.6 percent, the German DAX Index climbed by 0.4 percent and the French CAC 40 Index increased by 0.3 percent. Crude oil prices rose sharply Tuesday on easing concerns about excess supply on hopes that OPEC will delay plans to return its production cuts by a few more months. West Texas Intermediate Crude oil futures for January closed up $1.84 or 2.7 percent at $69.94 a barrel.