Tokyo Stocks Drop After Hitting Key Milestone
(MENAFN) Tokyo shares fell on Wednesday as market participants took profits following the Nikkei index’s climb above the closely watched 38,000 threshold a day earlier.
The Nikkei 225 closed at 38,128.13, marking a decline of 55.13 points, or 0.14 percent, from the previous session.
Initial momentum came from gains in the Nasdaq Composite and the Philadelphia Semiconductor Index (SOX) overnight, which boosted appetite for high-value semiconductor stocks such as Advantest and Tokyo Electron during the Tokyo session.
But the uptick was short-lived as selling pressure mounted from investors looking to lock in gains after the market’s recent rise. A stronger yen—briefly trading in the upper 146 range against the dollar—also added headwinds, particularly for major exporters like Toyota.
The broader Topix index also ended its winning streak, falling for the first time in 14 sessions. It slipped 8.85 points, or 0.32 percent, to 2,763.29.
Across the Tokyo Stock Exchange Prime Market, declining stocks outpaced advancing ones, with 1,033 issues falling compared to 570 that rose, while 30 remained unchanged.
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