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Japanese shares slip from 30-yr high as investors book profits

Published 17/02/2021, 04:21
Updated 17/02/2021, 04:24
© Reuters.

© Reuters.

TOKYO, Feb 17 (Reuters) - Japanese shares slipped on
Wednesday as investors booked profits after a recent rally drove
them to a 30-year high, even as pandemic-beaten shares gained on
expectations for an economic recovery from a coronavirus-driven
slump.
The Nikkei share average fell 0.87% to 30,202.71 .N225
from Tuesday's high of 30,714.52, a peak since August 1990.
The broader Topix .TOPX lost 0.41% to 1,957.21, a day
after scaling its highest since June 1991.
"Investors are selling stocks for profit booking today. The
market is taking a pause from a rising momentum," said Masahiro
Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset
Management.
"Shares that were beaten down amid the pandemic are being
bought as rising interest rates in the U.S. and Japan indicates
an economic recovery. Rollouts of COVID-19 vaccines in Japan is
another positive factor."
Chip and electronics shares are leading losses in Nikkei,
with TDK 6762.T down 3.7%, Yaskawa Electric 6506.T losing
3.8% and Tokyo Electron 8035.T shedding 3.1%.
The declines followed a drop overnight in U.S. technology
stocks .SPLRCT .
Bridgestone 5108.T tumbled 4.9% after the company posted
its first annual net loss in 69 years due to impairment and
restructuring costs, following the pandemic. Shares whose valuations had shot up after a recent rally
also took a hit, with M3 2413.T falling 3.6% and Keyence
6861.T dropping 2.4%.
On the other hand, travel- and leisure-related shares did
well after Japan launched its COVID-19 inoculation drive on
Wednesday. ANA Holdings 9202.T gained 3.5% while Central Japan
Railway 9022.T rose 1.9% and West Japan Railway 9021.T added
1.3%.
Oriental Land 4661.T , the operator of Tokyo Disney Resort,
rose 1.8%.
Rise in U.S. bond yields boosted financials, with Dai-ichi
Life Holdings 8750.T up 1.3% and Mizuho Financial 8411.T
gaining 0.8%.
The yield on 10-year U.S. Treasuries US10YT=RR hit its
highest since February 2020. US/

 

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