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Japanese stocks briefly touch 6 1/2-year high before falling back

Japanese stocks briefly touch 6 1/2-year high before falling back

Japanese stocks fell Thursday after briefly touching a 6 1/2-year high during the trading session as Toyota, Honda and Nippon Steel took a tumble.
The benchmark Nikkei 225 index shed 49.10 points, or 0.28 percent, to finish at 17,458.30 points on the Tokyo Stock Exchange. During the session, it hit 17,617.64, it's highest since July 2000.
Some investors pulled back in afternoon trading as some players waited for earnings results out this week.
"The market has basically priced in good corporate earnings," said Mamoru Maeda, Chuo Securities' head of stock trading.
The recent strength in Tokyo stocks reflects the robust profits of firms amid Japan's long-running economic recovery, Economy Minister Hiroko Ota said Thursday.
Losers included Honda Motor Co., which fell 2.04 percent to 4,790 yen (US$39.92), and Toyota Motor Corp., which posted a 1.72 percent drop to 8,010 yen (US$66.75). Nippon Steel Corp. shed 1.16 percent to 684 yen (US$5.70).
Mitsui Sumitomo Insurance Co. fell 3.71 percent to 1,454 yen (US$12.12).
Office equipment maker Ricoh Co. closed 5.18 percent higher at 2,540 yen (US$21.17) on the news that it is in the final stages of negotiations for IBM's digital printer business.
The broader Topix index, which includes all shares on the exchange's first section, fell 9.21 points, or 0.53 percent, to 1,729.40 points.
First-section volume fell to 2.310 billion shares, from Wednesday's 2.669 billion shares. Decliners beat advancers 1,310 to 330, with 73 issues unchanged.
In currencies, the U.S. dollar was trading at 120.53 yen at 4:50 p.m. (0750 GMT) Thursday, down from 120.95 yen late Wednesday in New York. The euro rose to US$1.2985, from US$1.2961.


Updated : 2021-06-17 10:19 GMT+08:00