Xinhua
08 Jun 2023, 21:18 GMT+10
TOKYO, June 8 (Xinhua) -- Japan's benchmark Nikkei stock index closed lower Thursday as investors opted to book further profits amid fears the market could be overheating, while central banks hiking rates sparked concerns over higher borrowing costs.
The 225-issue Nikkei Stock Average dropped 272.47 points, or 0.85 percent, from Wednesday to close the day at 31,641.27.
The broader Topix index, meanwhile, lost 14.80 points, or 0.67 percent, to finish at 2,191.50.
Local brokers said that following the market's recent 33-year closing highs, investors were keen to take profits as technical indicators suggested the market could be overheating.
"Based on how overheated Japanese stocks have been, market participants are selling based on the expectation that there will be significant downward movement in the coming days," Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Research Institute, was quoted as saying.
Analysts here also pointed to Australian and Canadian central banks opting to raise their interest rates, raising the prospect that the U.S. Federal Reserve may follow suit to combat inflation, despite the negative impact this will have on its economy, including increased borrowing rates.
Market strategists said high-technology issues weighed on the market, following the tech-heavy Nasdaq losing ground overnight.
As a result, Fujitsu dropped 2.0 percent, while online game company Nexon fell 6.6 percent.
Among highly-capped chip issues, Tokyo Electron lost 4.2 percent, while Advantest fell 3.8 percent.
Chipmaker Renesas Electronics Corp., meanwhile, ended 3.9 percent lower, while heavily-weighted air-conditioner maker Daikin Industries dropped 4.4 percent.
Sharp Corp. was a notable winner, however, ending 3.2 percent higher.
By the close of play, precision instruments, information and communication, and real estate issues comprised those that declined the most.
The turnover on the Prime Market on the penultimate trading day of the week came to 3,716.9 billion yen (26.58 billion U.S. dollars).
Get a daily dose of Entertainment Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Entertainment Sun.
More InformationWASHINGTON D.C.: In an interview with Reuters this week, U.S. commander General Chance Saltzman said the United States Space Force ...
As it did last year, the 2023 United Nations General Assembly has been debating what role the United Nations and ...
BATON ROUGE, Louisiana: Authorities said that Greg Lawson, who fled his 1991 trial in Louisiana for attempted murder 32 years ...
OTTAWA, Canada: During a joint news conference with Ukrainian President Volodymyr Zelenskyy in Canada's capital, Ottawa, Prime Minister Justin Trudeau ...
BEIJING, China: A respected Uyghur scholar, known for her extensive work in studying Uyghur folklore and traditions, has been sentenced ...
BEIJING, China: Local authorities said a fire at the Shanjiaoshu coal mine in Guizhou province, southern China, killed 16 people ...
BURBANK, California: A note by Needham media analyst Laura Martin released this week revealed that CEO Bob Iger told investors ...
Mumbai (Maharashtra) [India], September 28 (ANI): Actor Alia Bhatt has a special birthday wish for her hubby Ranbir Kapoor. She ...
Mumbai (Maharashtra) [India], September 28 (ANI): After the success of'Pathaan' and 'Jawan', Shah Rukh Khan is all set for his ...
Mumbai (Maharashtra) [India], September 28 (ANI): Prime Minister Narendra Modi remembered the legendary singer Lata Mangeshkar on her birth anniversary. ...
Mumbai (Mahaarshtra) [India], September 28 (ANI): As Bollywood star Ranbir Kapoor turned a year older today, he received special birthday ...
Beijing [China], September 28 (ANI): China is turning to cities like Shenyang to squeeze more productivity and efficiency out of ...