TOKYO: Japanese shares fell on Wednesday, closing below the 30,000 milestone for the first time in seven sessions, as investors booked profits in technology shares following a decline in the Nasdaq index. The Nikkei share average slipped 1.61% to 29,671.70, falling below the psychologically important mark hit last week, while the broader Topix fell 1.82% to 1,903.07.
In Japan, index heavyweight SoftBank Group, down 5.2%, was the biggest contributor to Nikkei’s fall. Chip-related shares also dragged the index down, with Fanuc losing 4.66%, Tokyo Electron falling 2.74% and Shin-Etsu Chemical slipping 4.35%.
Pandemic-driven stocks including department store operators gained on hopes for normalization in the economy. Isetan Mitsukoshi Holdings, up 5.19%, was the top Nikkei gainer, followed by Takashimaya, which rose 4.94%. J.Front Retailing rose 4.64%. Railway and airline shares gained, with Japan Airlines rising 3.6% and ANA Holdings gaining 2.12%.
Central Japan Railway jumped 1.25% even as the operator of bullet trains between Tokyo and Osaka flagged bigger losses for the year ended March. East Japan Railway rose 1.77%.
“Unstable moves of the US market overnight has made investors in Japan get worried about the outlook,” said Koichi Kurose, chief strategist at Resona Asset Management.
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