Tokyo shares close lower on profit-taking

TOKYO: Tokyo shares closed lower on Wednesday as investors locked in profits after the benchmark Nikkei index hit three-decade highs in recent days.

The Nikkei 225 tanked 1.82 percent, or 593.04 points, to end at 31,913.74, while the broader Topix index lost 1.34 percent, or 29.98 points, to 2,206.30.

The market had opened higher following modest gains on Wall Street as investor sentiment broadly improved after US lawmakers averted a debt default.

Japan’s Nikkei closes at 33-year high; firm Wall Street lifts appetite

Financial shares in New York have also stabilised following the failure of four regional banks.

But the Japanese market was weighed down later “amid widespread caution over sharp rises in share prices”, IwaiCosmo Securities said.

The dollar fetched 139.18 yen, against 139.65 yen in New York late Tuesday.

Uniqlo operator Fast Retailing lost 2.12 percent to 34,010 yen while SoftBank Group was down 1.33 percent at 6,000 yen.

Semiconductor-related shares were lower, with Tokyo Electron plunging 4.18 percent to 18,815 yen and Advantest dropping 3.79 percent to 17,250 yen.

Sony Group fell 1.95 percent to 13,605 yen.