Japanese shares end lower as investors book profits from rally
EWJ•Japanese shares fell on Wednesday as investors booked profits after a fast-paced rally. The Nikkei dropped 0.92% to 70,035.71, while the Topix slipped 0.7% to 4,154.11.
1. Shares fall after rally
The Nikkei fell 0.92% to 70,035.71, and the broader Topix slipped 0.7% to 4,154.11. The Nikkei had crossed 70,000 for the first time in three months earlier this week and had risen nearly 5% this month.
2. AI-related stocks decline
Declines in AI-related stocks led the market lower. Chip-testing equipment maker Advances fell 1.34% after reaching a record high on Monday, Tokyo Electron lost 2.38%, and Kioxia fell 4.46%.
3. Most shares lower
Fast Retailing ended 1.07% lower, while SoftBank Group edged up 0.24%. Kirin Holdings fell 1.44% after a report said Japan's Fair Trade Commission raided four major beer makers on suspicion of violating antimonopoly law; Asahi Group Holdings lost 0.97%. On the Tokyo Stock Exchange's prime market, 62% of more than 1,500 stocks fell, 33% rose and 3% were unchanged.
