TOKYO: Japanese shares dipped on Wednesday as investors locked in recent gains ahead of a long weekend, with a rise in domestic coronavirus cases weighing on major railway operators.
The Nikkei share average fell 0.58% to 22,751.61 ahead of a four-day weekend, which was supposed to coincide with the start of the Tokyo Olympics. The broader Topix lost 0.62% to 1,572.96.
East Japan Railway fell 2.9% to a seven-year low, while West Japan Railway lost 1.7% to a trough last seen in 2014.
Drugmakers, among the best performers in the early stages of the pandemic, also dropped as investors rotated out of defensives to cyclicals.
Drugmakers dropped 1.5%, with Daiichi Sankyo losing 4.6%.
On the other hand, Nidec jumped 4.8% after the manufacturer of electronic motors posted strong earnings, with its quarterly operating profit rising slightly from a year earlier, beating analyst forecasts of sharp falls.
Fujitsu General climbed 3.8% to a three-year high as the firm raised its earnings guidance, due to solid sales of air-conditioning machines.
Shares of some other electronic parts makers gained, with Shin-etsu Chemical up 2.1% and Murata Manufacturing rising 1.1%. Decliners outnumbered gainers by a ratio of 78 to 22.
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