TOKYO, Sept 28 (Reuters) - Japanese shares slipped on
Tuesday, dragged down by losses in chip makers and shippers, as
investors chose to pocket profits ahead of a leadership election
in the ruling party.
The Nikkei share average fell 0.45% to 30,103.42 by
0212 GMT and the broader Topix lost 0.63% to 2,074.57,
also tracking a weaker Wall Street finish overnight.
"Investors who had bet on changes in Japan's politics were
selling shares to book profits ahead of the party election
tomorrow," said Takatoshi Itoshima, a strategist with Pictet
"They are taking a pause in betting as it is not clear who
is going to win at this point."
The Nikkei has risen more than 7% this month in the run-up
to the Liberal Democratic Party's leadership election, which
will effectively choose the new prime minister.
Hopes of an economic recovery amid accelerated COVID-19
vaccine rollouts and declining cases of infections also drove
Chip heavyweights Advantest lost 3.83%, Tokyo
Electron slipped 1.91% and Shin-Etsu Chemical
Shippers led the decline among the Tokyo Stock
Exchange's 33 sub-indexes with a drop of 8.22%.
Kawasaki Kisen Kaisha tumbled 11.89%, making it the
biggest percentage loser on the Nikkei, followed by Nippon Yusen
, losing 6.91%, and Mitsui OSK Lines, down
Oil explorers climbed the most with Inpex
gaining 3.62% and Japan Petroleum Exploration
(Reporting by Junko Fujita; Editing by Subhranshu Sahu)