TOKYO, Sept 7 (Reuters) - Japan's Nikkei share average
slipped on Monday following a drop on Wall Street while
SoftBank Group sank on reports that it had made massive
bets on U.S. technology shares just as a rally in the sector
The Nikkei dropped 0.50% to 23,089.95, while the broader
Topix shed 0.42% to 1,609.74, with both the indexes
falling further from their six-month highs touched on Thursday.
"Because the market had risen by factoring all the positive
factors ranging from more stimulus and vaccine developments, it
is hard from here to advance further," said Daisuke Uchiyama,
senior strategist at Okasan Securities.
Concerns about high valuations sent Wall Street's tech-heavy
Nasdaq sharply lower during the last two sessions, its biggest
setback after almost six months of strong gains.
In Japan, SoftBank Group on Monday sank 7.2% to a two-month
low, posting its biggest fall since late March.
The company made significant option purchases during the
run-up in the U.S. stock market in recent weeks as a way of
temporarily investing some proceeds from asset sales, people
familiar with the matter said on Friday.
Mobile phone carriers KDDI, SoftBank Corp
and NTT DoCoMo fell between 1.1% and 2.2% as Yoshihide
Suga, who is expected to win a ruling party leadership election
next week to succeed Prime Minister Shinzo Abe, has been calling
for lower mobile tariffs.
Bank shares rose 0.2%, with Aomori Bank
and Michinoku Bank adding 8.5% and 8.9%, respectively,
after local media reported that the two banks based in northern
Japan were discussing business integration.
Although the banks said a decision has not been made, the
news fanned hopes for more mergers in Japan's crowded banking
Industry robot maker Fanuc jumped 6.8% after
business daily Nikkei reported the company plans to triple
output of a type of factory robot due to increased automation
demand following the COVID-19 pandemic.
(Reporting by Hideyuki Sano
Editing by Devika Syamnath & Aditya Soni)