Alexa
  • Directory of Taiwan

Japan shares fall as investors lock in gains

Japan shares fall as investors lock in gains

Japanese shares fell Thursday, as investors locked in recent gains while warily eyeing the strengthening yen and a lackluster performance on Wall Street overnight.
The benchmark Nikkei 225 stock average dropped 1.6 percent, or 165.74 points, to 10,473.97. The broader Topix index slid 1.2 percent to 964.23.
"Selling spread across the board on profit-taking and a strong yen, which pressures exporters," said Yutaka Miura, senior strategist at Mizuho Securities Co. Ltd.
The dour session erased broad gains from Wednesday, when the Nikkei climbed 1.4 percent to an 11-month high. It also came after a wishy-washy day on Wall Street, when the Dow Jones industrials careered between gains and losses before managing a tiny gain, despite positive data on home sales and factory orders.
Miura said investors have largely factored in Japan's national elections Sunday, in which the opposition party is widely expected to win.
Many big-name exporters suffered losses on Thursday. Mazda Motor Corp. fell 3.4 percent to 257 yen and Toyota Motor Corp. ended down 1.7 percent at 4,040 yen.
Major electronics manufacturers also had a tough day. Pioneer dropped 3.3 percent to 296 yen and NEC Corp. closed 2.9 percent lower at 331 yen. Toshiba Corp. slipped 2.9 percent to 471 yen, while Hitachi Ltd. dropped 2.7 percent to 322 yen.
In currencies, the dollar was trading at 93.53 yen from 94.21 yen late Wednesday. The euro stood at $1.4266, versus $1.4243.


Updated : 2021-05-18 23:42 GMT+08:00