TOKYO, Jan 22 (Reuters) - Japanese shares retreated from a
30-year peak on Friday, as investors refrained from placing big
bets ahead of the corporate earnings season while some locked in
profit after a recent rally, which was driven by hopes of a
massive U.S. stimulus.
Nikkei share average ended 0.44% lower at 28,631.45,
while the broader Topix closed 0.21% weaker at 1,856.64.
In the previous session, the index closed at a 30-year high on
optimism that a massive stimulus plan by U.S. President Joe
Biden will bolster growth.
"Friday's decline is mainly due to profit-taking after U.S.
stocks touched new highs," said Hideyuki Ishiguro, senior
strategist, Daiwa Securities.
"Investors are also holding off from buying ahead of
earnings reports next week."
Asian shares eased from record highs as investors took some
money off the table after the recent stimulus-driven rally.
Wall Street peaked overnight, with both the S&P 500
and Nasdaq Composite closing at record highs, pushed
upward by continued optimism over a stimulus to weather the
fallout of the pandemic.
Ad agency Dentsu Group closed 2.19% lower after a
Times report earlier in the day stated the Japanese government
has privately concluded that the Tokyo Olympics will be
cancelled. The government flatly denied the report.
Nippon Steel fell 3.51% after announcing plans to
boost its stake in Tokyo Rope in a public tender offer.
Tokyo Rope surged 28% to a limit high after being untraded
earlier in the session with a glut of bids.
Shiseido jumped 4.33% after the cosmetic firm said
it was in talks to sell its shampoo and skincare business to
private equity CVC Capital Partners.
Panasonic rose 3.28% after Morgan Stanley MUFG
Securities raised its target price to 1,700 yen from 1,400 yen.
(Reporting by Junko Fujita, Editing by Sherry Jacob-Phillips)