TOKYO: Tokyo’s benchmark Nikkei index closed marginally lower on Wednesday as late profit-taking erased early gains. The Nikkei 225 fell 0.03 percent, or 7.30 points, to 27,724.80, but the broader Topix index edged up 0.08 percent, or 1.46 points, to 1,935.66.

Tokyo shares had opened higher on rekindled hopes that the worst of the latest Covid-19 wave in the United States may be over, following record finishes on Wall Street. “But investors started locking in profits following two days of gains” in Tokyo, said Shinichi Yamamoto, a broker at Okasan Securities.

“A cycle of profit-taking and bargain-hunting is expected to continue for now,” Yamamoto told AFP.

The dollar stood at 109.72 yen in Asian afternoon trade, compared with 109.66 yen in New York on Tuesday.

Looking ahead, the market is starting to factor in the possibility that no major news will emerge from the much-anticipated annual Federal Reserve conference in Jackson Hole, brokers said.

But investors will be watching Fed chair Jerome Powell’s speech on Friday, they added. In Tokyo, chip-related shares lost ground on profit-taking.

Chip-testing equipment maker Advantest lost 0.77 percent to 8,980 yen, with chip-making equipment manufacturer Tokyo Electron down 0.48 percent at 44,750 yen.