TOKYO: Japan’s Nikkei slipped on Monday for a second consecutive day, retreating from record-high levels reached last week, as numerous stocks lost their dividend entitlements.
The Nikkei 225 Index closed 0.7 percent lower at 45,043.75, easing from the record-high close of 45,754.93 on Thursday. The broader Topix lost 1.7 percent.
In a closely watched market debut, Sony Financial jumped 16 percent after being spun off from Sony Group, whose shares edged 0.2 percent higher.
Monday marked the ex-dividend date for many Japanese firms, meaning new shareholders won’t receive upcoming dividend payouts. That, along with a strengthening yen and recent market highs, created headwinds for equities, Nomura strategist Maki Sawada said.
“The Nikkei average surged sharply in September, so we might be seeing a pause in that rally,” Sawada said.
There were 26 advancers in the Nikkei against 199 decliners.
The biggest decliners were Honda Motor, down 5.2 percent, followed by Mazda Motor, which slid 4.6 percent.