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    N225   JP9010C00002

NIKKEI 225

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Japanese shares slip from 30-yr high as investors book profits

02/16/2021 | 10:21pm EDT

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 slump.

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 Management.

"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 stocks.

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 dropping 2.4%.

On the other hand, travel- and leisure-related shares did well after Japan launched its COVID-19 inoculation drive on Wednesday.

ANA Holdings gained 3.5% while Central Japan Railway rose 1.9% and West Japan Railway added 1.3%.

Oriental Land, the operator of Tokyo Disney Resort, rose 1.8%.

Rise in U.S. bond yields boosted financials, with Dai-ichi Life Holdings up 1.3% and Mizuho Financial gaining 0.8%.

The yield on 10-year U.S. Treasuries hit its highest since February 2020. (Reporting by Junko Fujita; Editing by Vinay Dwivedi)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ANA HOLDINGS INC. -3.64% 2370 End-of-day quote.4.08%
BRIDGESTONE CORPORATION 0.54% 4459 End-of-day quote.31.77%
CENTRAL JAPAN RAILWAY COMPANY -1.95% 15615 End-of-day quote.7.03%
DAI-ICHI LIFE HOLDINGS, INC. -0.54% 2021 End-of-day quote.30.22%
KEYENCE CORPORATION -0.31% 51640 End-of-day quote.-10.97%
M3, INC. -0.46% 8361 End-of-day quote.-14.18%
MIZUHO FINANCIAL GROUP, INC. -0.90% 1542.5 End-of-day quote.17.97%
NIKKEI 225 -1.97% 29100.38 Real-time Quote.8.16%
ORIENTAL LAND CO., LTD. -1.70% 15340 End-of-day quote.-9.98%
TDK CORPORATION 0.77% 15740 End-of-day quote.1.29%
TOKYO ELECTRON LIMITED 1.89% 50050 End-of-day quote.30.34%
WEST JAPAN RAILWAY COMPANY -1.99% 5719 End-of-day quote.5.93%
YASKAWA ELECTRIC CORPORATION -1.46% 5400 End-of-day quote.5.26%
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