TOKYO: Japan’s Nikkei share average retreated on Friday from a record high reached the day before, as investors sold technology stocks on caution over the index’s rapid gains.
The Nikkei fell 1.75 percent, ending at its intraday low of 58,475.9, after rising 2.4 percent on Thursday.
It climbed more than 5 percent in the past three sessions and has gained 2.7 percent for the week.
The broader Topix fell 1.41 percent to 3,760.81 and was up 0.56 percent for the week.
The market turned cautious about the Nikkei’s sharp gains and sold chip-related stocks to book profits, said Shuji Hosoi, a senior strategist at Daiwa Securities.
Overnight, the S&P 500 and Nasdaq rose to record closing levels for a second straight session. The US chip index also hit a record high, surging over 30 percent from its recent low on March 30.
In Japan, chip-testing equipment maker Advantest gave up early gains to end 2.64 percent lower.
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