Tokyo stocks closed lower on Wednesday as a stronger yen weighed on the market with investors also taking profits after three days of rallies. The bellwether index lost 0.26 percent, or 61.79 points, to end at 23,788.20 while the broader Topix index was up 0.15 percent, or 2.82 points, at 1,892.11. "Profit-taking led the market in the morning session after three days of rallies," SBI Securities said in a commentary.
The market also "weakened as the yen strengthened," it said. The dollar traded at 112.22 yen in Asian trade Wednesday, down from 112.61 yen in New York late Tuesday, amid speculation about the Bank of Japan's possible tapering of its massive bond-buying programme. Japanese markets were playing catch-up with global stock rallies after closing Monday for a public holiday, and on Tuesday the Nikkei index finished at its highest level since November 1991.
On Wednesday, manufacturers were among the losers, with chip-making equipment firm Tokyo Electron dipping 1.70 percent to 21,870 and Canon losing 0.59 percent to 4,332 yen. Asahi Group Holdings fell 3.93 percent to 5,815 yen after the beer company projected a decline in sales for this year. Advantest, maker of semiconductor-testing devices, rose 1.99 percent to 2,255 yen after a brokerage upgraded its evaluation of the stocks.
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