TOKYO: Japan’s Nikkei share average fell on Wednesday as investors booked profits from a recent rally, while the broader Topix snapped its longest winning streak in nearly 16 years.
The Nikkei reversed earlier gains to end 0.14% lower at 38,128.13. However, the index recovered from an intraday low of 37,865.22.
The broader Topix fell 0.32% to 2,763.29, snapping a 13-day winning streak, the longest since August 2009.
The Nikkei hit a three-month high on Tuesday, buoyed by hopes of more deals between major economies after the US and China agreed to temporarily slash the harsh reciprocal tariffs.
“The market had set the 38,000 as a target after the Nikkei tanked last month, following the announcement of (US President Donald) Trump’s tariffs,” said Hiroyuki Ueno, chief strategist at Sumitomo Mitsui Trust Asset Management.
“The index hit that target earlier than expected, and that prompted investors to sell stocks to book profits today.”