TOKYO: Japan’s Nikkei share gauge snapped a five-day winning streak on Monday, as Nasdaq futures weakened ahead of US memory maker Micron Technology’s earnings report later in the week.
The benchmark Nikkei 225 slid 0.73percent to close at 65,877.62 after rising about 4.5percent over the previous five. The broader Topix slipped 0.40percent to 4,112.00.
Investors sold stocks as they saw Nasdaq futures weakening in Asian hours ahead of Micron’s quarterly results due on Wednesday, said Takamasa Ikeda, senior portfolio manager at GCI Asset Management. Market players also sold stocks to rebalance their positions at the end of the first half of the year, he added.
“The US semiconductor index has been trading within a box range since June 20. The range is rather wide, and it will trade within the box in the next three to four months,” said Ikeda, adding that the Nikkei will also mirror the move.
On Friday, the SOX index rose 1.4percent, supported by AI stocks. Earlier in the session, the Nikkei rose as much as 1percent to 67,034.74, its highest level since mid-August.