Japan's Nikkei retreats from record high as SoftBank Group falls

TOKYO: Japan’s Nikkei share average pulled back on Friday from a record high set in the last session, as SoftBank Group fell and renewed US-Iran hostilities weighed on investor sentiment.

The Nikkei was down 0.3% at 62,636.00, as of 0104 GMT.

It jumped 5.6% on Thursday to close at a record high after crossing the psychological level of 63,000 for the first time.

The broader Topix was down 0.66% at 3,815.09.

“Compared with the previous session’s sharp gains, the decline in today’s market is marginal,” said Hitoshi Asaoka, chief strategist at Asset Management One.

Also weighing on the market was a rise in crude oil prices after the United States and Iran exchanged fire and put a month-long Middle East ceasefire in doubt.

Technology investor SoftBank Group fell 4.6% to drag the Nikkei lower the most after the US-listed shares of Arm Holdings tumbled overnight on smartphone market weakness and AI chip supply concerns.

Fibre optic cable maker Fujikura lost 1.18%. Bank shares weighed on the Topix, with Mitsubishi UFJ Financial Group and Mizuho Financial Group losing 2.11% and 3.54%, respectively. Sony Group slipped 2.3%.

Chip-testing equipment maker Advantest reversed early losses to rise 1%.

Silicon wafer maker Sumco jumped 10.22% to become the top percentage gainer on the Nikkei.

Robot maker Fanuc rose 7.4%.

Of the more than 1,600 stocks trading on the Tokyo Stock Exchange’s prime market, 69% fell, 27% rose and 3% traded flat.