Nikkei retreats from 1-month high as chip stocks track US peers lower

TOKYO: Japan’s Nikkei share average fell on Wednesday, retreating from the previous session’s one-month high, as chip-related stocks followed their U.S. peers lower.

The Nikkei declined 0.56% to 28,906.88 at the close, after touching an intraday high of 29,121.01 on Tuesday, a level not seen since Nov. 26.

The broader Topix slipped 0.30%, with the growth-stock index sliding 0.63%, while the value-share index ended flat.

Chipmakers were among the Nikkei’s worst performers, with Tokyo Electron’s 0.97% retreat the biggest drag by index points. Trend Micro slid 2.99%, while Advantest dropped 1.63%.

Overnight, the tech-focused Nasdaq lost 0.48% as U.S. stocks snapped a four-day rally. The Philadelphia SE Semiconductor Index sank 1.17%.

Uniqlo store-operator Fast Retailing was another notable loser, dropping 0.71%.

The biggest percentage decliner on the Nikkei was brewer Sapporo Holdings, falling 3.79%.

At the other end, J.Front Retailing was by far the biggest percentage gainer on the Nikkei with a 7.40% jump, as the department store operator reported a big increase in customer traffic after a state of emergency was lifted at the end of September.

That boosted peers including Isetan Mitsukoshi Holdings, which rose 0.94%.

SoftBank Group recorded the biggest gain by index points, rising 1.86%.