TOKYO, Feb 17 (Reuters) - Japanese shares slipped on
Wednesday as investors booked profits after a recent rally drove
them to a 30-year high, even as pandemic-beaten shares gained on
expectations for an economic recovery from a coronavirus-driven
The Nikkei share average fell 0.87% to 30,202.71
from Tuesday's high of 30,714.52, a peak since August 1990.
The broader Topix lost 0.41% to 1,957.21, a day
after scaling its highest since June 1991.
"Investors are selling stocks for profit booking today. The
market is taking a pause from a rising momentum," said Masahiro
Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset
"Shares that were beaten down amid the pandemic are being
bought as rising interest rates in the U.S. and Japan indicates
an economic recovery. Rollouts of COVID-19 vaccines in Japan is
another positive factor."
Chip and electronics shares are leading losses in Nikkei,
with TDK down 3.7%, Yaskawa Electric losing
3.8% and Tokyo Electron shedding 3.1%.
The declines followed a drop overnight in U.S. technology
Bridgestone tumbled 4.9% after the company posted
its first annual net loss in 69 years due to impairment and
restructuring costs, following the pandemic.
Shares whose valuations had shot up after a recent rally
also took a hit, with M3 falling 3.6% and Keyence
On the other hand, travel- and leisure-related shares did
well after Japan launched its COVID-19 inoculation drive on
ANA Holdings gained 3.5% while Central Japan
Railway rose 1.9% and West Japan Railway added
Oriental Land, the operator of Tokyo Disney Resort,
Rise in U.S. bond yields boosted financials, with Dai-ichi
Life Holdings up 1.3% and Mizuho Financial
The yield on 10-year U.S. Treasuries hit its
highest since February 2020.
(Reporting by Junko Fujita;
Editing by Vinay Dwivedi)