TOKYO: Japan’s Nikkei index fell on Thursday and was on course for its sharpest quarterly drop in two years, as investors booked profits at the end of fiscal year.
The Nikkei share average fell 0.18% to 27,977.98 by the midday break, after edging higher in early trade.
The broader Topix slipped 0.22% to 1,965.20 in range-bound trading.
For the quarter, the Nikkei is set to lose 2.8%, its biggest drop since the quarter ended March 2020. “Some investors sold stocks to lock in profits at the end of the fiscal year, while some bought back stocks as they wanted to boost shares that have resistance under inflation.”
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Said Ikuo Mitsui, fund manager at Aizawa Securities. “But the market seems to be firm because despite sharp gains this month, I do not see an aggressive sell off for a profit taking.” But for the month, the Nikkei is set to post its biggest jump since November 2020, jumping 5.47%.
Staffing agency Recruit Holdings weighed on the Nikkei the most, falling 3.13%, followed by Uniqlo clothing shop owner Fast Retailing, which fell 0.49%.
Semiconductor test equipment supplier testing equipment maker Advantest fell 1.13% Shipping firms advanced 3.61%, leading the Tokyo Stock Exchange’s 33 industry subindexes, followed by paper and pulp makers, rising 1.77%.
Auto and parts makers gained 0.88% after Toyota Motor and Honda Motor boosted their global auto production in February.
Toyota rose 1.71% and Honda edged up 0.6%.
There were 65 advancers on the Nikkei index against 157 decliners.
The volume of shares traded on the Tokyo Stock Exchange’s main board was 0.55 billion, compared to the average of 1.37 billion in the past 30 days.
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