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Japanese stocks fall on caution ahead of ruling party leadership election

09/27/2021 | 10:59pm EDT

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 Asset Management.

"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 the rally.

Chip heavyweights Advantest lost 3.83%, Tokyo Electron slipped 1.91% and Shin-Etsu Chemical lost 2.04%.

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 5.96%.

Oil explorers climbed the most with Inpex gaining 3.62% and Japan Petroleum Exploration rising 1%. (Reporting by Junko Fujita; Editing by Subhranshu Sahu)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION -3.24% 8950 End-of-day quote.15.78%
INPEX CORPORATION -0.62% 963 End-of-day quote.73.20%
JAPAN PETROLEUM EXPLORATION CO., LTD. -0.65% 2139 End-of-day quote.14.02%
KAWASAKI KISEN KAISHA, LTD. -2.30% 5100 End-of-day quote.141.48%
MITSUI O.S.K. LINES, LTD. -1.64% 6580 End-of-day quote.108.89%
NIPPON YUSEN KABUSHIKI KAISHA -1.92% 7650 End-of-day quote.218.48%
SHIN-ETSU CHEMICAL CO., LTD. -1.87% 19145 End-of-day quote.6.13%
TOKYO ELECTRON LIMITED -4.61% 48610 End-of-day quote.26.59%
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