TOKYO: Japanese shares fell 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 edged down 0.58% to 30,292.19 from Tuesday’s high of 30,714.52, a peak since August 1990.
The broader Topix slipped 0.18% to 1,961.49, a day after scaling its highest since June 1991.
Chip and electronics shares led losses in Nikkei, with TDK down 3.23%, Yaskawa Electric losing 3.23% and Tokyo Electron shedding 2.2%. The declines followed a drop overnight in US technology stocks.
Bridgestone fell 4.13% after the tire maker 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 falling 3.88% and Keyence losing 1.09%.
On the other hand, travel- and leisure-related shares did well after Japan launched its COVID-19 inoculation drive on Wednesday.
ANA Holdings jumped 4.19% while Japan Airlines rose 4.21%. Central Japan Railway, which runs bullet trains connecting Tokyo and Osaka, rose 2.52%.
Oriental Land, the operator of Tokyo Disney Resort, rose 3.41%. Shipping firms Kawasaki Kisen jumped 5.69% and Mitsui OSK Lines gained 4.45%.—Reuters
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