Tokyo shares end lower on profit-taking

TOKYO: Tokyo shares ended lower on Thursday as investors locked in profits after recent gains.

The benchmark Nikkei 225 index fell 0.36 percent, or 100.85 points, to 27,782.93, while the broader Topix index slid 0.61 percent, or 12.16 points, to 1,983.32.

The dollar stood at 132.51 yen against 132.85 yen in New York on Wednesday.

Stocks faced selling pressure from the opening bell for technical reasons related to dividend payments, but the losses continued into the session, IwaiCosmo Securities noted.

Profit-taking dominated “after the Nikkei advanced around 500 points over the last three winning sessions”, the brokerage said.

Despite the falls in Tokyo, global investors’ confidence is regarded as improving on receding worries that the failure of Silicon Valley Bank and two other regional US lenders could lead to other casualties.

Tokyo shares close higher as banking crisis fears ease

Still, trading may stay unpredictable as investors look for new cues, said Stephen Innes of SPI Asset Management.

“Markets are getting into end-of-month rebalancing mode, which could make the price action somewhat random over the next 36 hours,” he said.

Mizuho Financial Group tumbled 1.50 percent to 1,876 yen after the bank said it would abandon plans to jointly develop a smartphone-based bank with messenger app LINE.

Honda, which announced the roll-out of electric scooters in India, slipped 0.12 percent to 3,468 yen.

Nintendo fell 1.93 percent to 5,079 yen, while SoftBank Group lost 2.04 percent to 5,084 yen, and Uniqlo operator Fast Retailing added 1.22 percent to 28,700 yen.