Japan’s Nikkei ends near three-week low

TOKYO: Japan’s Nikkei share average closed at a near three-week low on Wednesday, with SoftBank Group leading the decline, as investors locked in profits on AI-related stocks that had powered the market’s recent rally.

The Nikkei slipped 1.23 percent to 59,804.41, its lowest close since May 1. The index ended lower for a fifth consecutive session. The broader Topix declined 1.53 percent to 3,791.65.

Market participants sold shares that had driven the Nikkei to record highs earlier this month, according to Kazuaki Shimada, chief strategist at IwaiCosmo Securities.

“But this is an appropriate adjustment of Nikkei’s reliance on a small group of shares.”

The Nikkei had reached an all-time high of 63,799.32 on May 14.