Japanese shares slip as investors book profits in chip stocks

TOKYO, Feb 24 (Reuters) - Japanese shares fell on Wednesday
as investors booked profits in chip-related shares following a
decline in the Nasdaq index, while the pandemic-driven stocks
shined on hopes for normalization in the economy.
The Nikkei share average .N225 slipped 0.7% to 29,952.25
by 0203 GMT, while the broader Topix .TOPX fell 0.86% to
1921.68.
"Unstable moves of the U.S. market overnight has made
investors in Japan get worried about the outlook," said Koichi
Kurose, chief strategist at Resona Asset Management.
"Investors are rotating their targets now because of the
rollouts of vaccines, which makes the virus-hit shares
attractive."
The Nasdaq was the only major U.S. stock index to lose
ground overnight while Wall Street reversed its losses, with the
S&P 500 and the Dow reclaiming positive territory. .N
Chip and electronics shares fell in Japan, with Nidec
6594.T falling 4.3%, Murata Manufacturing 6981.T slipping
4.05%, Shin-Etsu Chemical 4063.T losing 3.44% and Tokyo
Electron 8035.T falling 1.81%.
On the other hand, shares of department store operators
jumped. J.Front Retailing 3086.T , up 5.85%, was the biggest
gainer in the Nikkei, followed by Isetan Mitsukoshi Holdings
3099.T , which rose 5.74%, and Takashimaya 8233.T that gained
5.7%.
Governors of Osaka and other main western cities have
requested early lifting of a state of emergency as Japan's
COVID-19 cases began falling, according to local media reports.
Railway and airline shares gained, with Japan Airlines
9201.T rising 4.68% and ANA Holdings 9202.T gaining 3.25%.
Central Japan Railway 9022.T jumped 1.88% even as the
operator of bullet trains between Tokyo and Osaka flagged bigger
losses for the year ended March. East Japan Railway 9020.T
rose 1.77%.
The stocks that gained the most among the top 30 core Topix
included Mitsui & Co 8031.T , up 2.69 %, followed by Hitachi
Ltd 6501.T that rose 2.53%.
The underperformers among the Topix 30 were Hoya Corp
7741.T , down 5.44%, followed by Keyence Corp 6861.T that
lost 4.65%.