Japan's Nikkei retreats from 6-week high as investors lock in gains
EWJ•The Nikkei 225 fell 0.79% to 68,413.03 on Friday, retreating from a six-week high after a 3.3% surge the previous day. It remained on track for a 3% weekly gain.
1. Profit-taking weighs
Investors locked in gains and turned cautious about interest rates, inflation and geopolitical risks. The broader Topix slipped 0.57% to 4,108.53. Tokyo core inflation accelerated in September at its fastest pace in 10 months, while tensions and energy-market disruptions also weighed on sentiment.
2. Mixed market breadth
The Nikkei had 53 advancers, 170 decliners and two unchanged. SoftBank Group fell 5.27%, while Furukawa Electric gained 6.25%. An analyst said concerns about short-term overheating were likely to prompt profit-taking, while the outlook for domestic shares remained positive, supported by manufacturer sentiment rising for a sixth straight quarter.
