TOKYO: Japan’s Nikkei share average slipped from a record high on Tuesday, as investors locked in profits after a fast-paced rally, with a stronger yen weighing on sentiment.
The Nikkei fell 0.58 percent to end at 50,219.18, after falling as much as 0.8 percent during the session.
The broader Topix closed 1.18 percent lower at 3,285.87.
The indexes extended losses as the yen strengthened after US Treasury Secretary Scott Bessent called for “sound monetary policy” during his meeting with Japanese counterpart Satsuki Katayama.
The comments were seen as a blow to the Bank of Japan, which had been raising interest rates slowly.
“The market sold stocks as they thought the yen would not weaken any further,” said Shuutarou Yasuda, a market analyst at Tokai Tokyo Intelligence Laboratory.
A stronger yen typically weighs on exporter shares by reducing the value of overseas earnings when converted back into Japanese currency.
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