Japan’s Nikkei slips as SoftBank drags; post-election momentum fades
- The Nikkei was down 0.6% at 56,451.43
TOKYO: Japan’s Nikkei share average dropped on Tuesday, with SoftBank leading losses, as post-election euphoria lost momentum and the US Presidents’ Day market holiday left investors with few trading cues.
The Nikkei was down 0.6% at 56,451.43, as of 0130 GMT, extending its decline for a fourth consecutive session.
The broader Topix dropped 0.4% to 3,771.16.
“There’s just far too little in the way of catalysts,” said Ryotaro Sawada, senior analyst at Tokai Tokyo Intelligence Laboratory.
“The price action seems mainly driven by technicals and supply-demand.”
The post-general-election rally from last week, following fiscal dove Prime Minister Sanae Takaichi’s landslide victory, also appeared to fade, he added.
Shares of SoftBank Group fell 4.6%, making them the biggest percentage losers and weighing in the Nikkei index by 170 points.
The technology and investment conglomerate’s stock has been volatile, swinging between gains and losses over the past four sessions.
General engineering manufacturer Kawasaki Heavy Industries lost 4.3%, while Recruit Holdings, a human-resources service provider, slid nearly 4%.
Defying the overall sombre trend, Sumitomo Pharma turned the largest percentage gainer with a 6% jump, as Japan’s health ministry is set to review the drugmaker’s iPS cell-derived therapy for advanced Parkinson’s disease this week.
Shares of Sojitz climbed 5.7% after the trading house said it would expand imports of Australian rare-earth elements from Lynas Rare Earths. Sumco, a high-purity silicon maker, climbed nearly 5%.‑Reuters
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