Japanese Shares Retreat on Profit-Taking
The Nikkei 225 Index fell 0.92% to close at 70,035 on Wednesday, snapping a two-day advance as investors locked in profits after the benchmark index rallied to a three-month high. Japanese equities also failed to keep pace with another record-setting advance on Wall Street overnight. Meanwhile, oil prices rebounded as persistent threats to Middle East energy supplies outweighed signs of recovering regional output, keeping inflation concerns elevated. Technology and AI-related stocks faced the heaviest selling pressure, with Kioxia Holdings (-4.5%), Advantest (-1.3%), Fujikura (-2.7%), Disco Corp (-6.3%) and Tokyo Electron (-2.4%) among the notable decliners. Financial shares also weakened, including Mitsubishi UFJ (-1.3%), Sumitomo Mitsui (-1.7%) and Mizuho Financial (-2.4%). Meanwhile, SpaceX was reportedly seeking to raise $40 billion to acquire Nvidia chips, providing further support for the technology sector’s outlook.
92% to close at 70,035 on Wednesday, snapping a two-day advance as investors locked in profits after the benchmark index rallied to a three-month high. Japanese equities also failed to keep pace with another record-setting advance on Wall Street overnight. Meanwhile, oil prices rebounded as persistent threats to Middle East energy supplies outweighed signs of recovering regional output, keeping inflation concerns elevated. 4%) among the notable decliners.
4%). Meanwhile, SpaceX was reportedly seeking to raise $40 billion to acquire Nvidia chips, providing further support for the technology sector’s outlook.