Japan’s Nikkei Slips on U.S. Tech Shares Slump
(MENAFN) Japan’s main stock index slipped on Wednesday as lingering pressure from the previous day’s weakness in U.S. technology shares and profit-taking near record highs weighed on the market.
The Nikkei 225, the benchmark index comprising 225 stocks, closed down 215.89 points, or 0.45 percent, at 47,734.99.
With the index hovering just below the 48,000-point mark, investors opted to secure gains, particularly in major semiconductor and growth stocks like SoftBank Group and Advantest, which had fueled the recent surge.
Meanwhile, hopes that newly elected Liberal Democratic Party President Sanae Takaichi will implement expansionary fiscal policies caused the yen to fall sharply against the dollar.
The weaker yen boosted demand for export-driven shares, including automakers, offering brief support and at times pushing the Nikkei into positive territory.
The broader TOPIX index extended its winning streak to four sessions, rising 7.75 points, or 0.24 percent, to 3,235.66.
On the Tokyo Stock Exchange Prime Market, decliners outpaced gainers 999 to 557, with 60 stocks unchanged.
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