Japanese shares fall as investors book profits from rally
EWJ•Japanese shares fell, with the Nikkei down 0.86% to 70,074.13 at midday and the Topix down 0.59% to 4,158.89. AI-related stocks led declines as investors booked profits after a rally that lifted the Nikkei nearly 5% this month.
1. Profit-taking weighs on shares
Japanese shares fell on Wednesday as investors booked profits after recent gains, with AI-related stocks leading declines. The Nikkei fell 0.86% to 70,074.13 by the midday break, after topping 70,000 for the first time in three months this week; it has risen nearly 5% this month. The Topix slipped 0.59% to 4,158.89.
2. Chip stocks decline
Chip-testing equipment maker Advantest fell 1.7% after hitting a record high on Monday. Tokyo Electron lost 2.81%, and memory maker Kioxia fell 4.06%. SoftBank Group edged up 0.38%, while Fast Retailing gained 0.2%. Kirin Holdings fell 2.31% after a report said Japan's Fair Trade Commission had raided four major beer makers on suspicion of violating anti-monopoly law.
3. Most stocks fall
A portfolio manager said institutional investors tend to sell stocks to book profits at the beginning of Japan's fiscal half, and that the move was noticeable after sharp market gains. Of more than 1,500 stocks on the Tokyo Stock Exchange's prime market, 67% fell, 29% rose and 3% were flat.
