Japan’s Nikkei index fell at the end of Tuesday’s session, with investors taking profits after achieving gains earlier, and the yen’s recovery against the dollar also affected sentiment.
The Nikkei index closed 0.12 percent lower at 33,408.39 points, after rising 0.22 percent at the open.
The Nikkei reached its highest levels since March 1990 on November 20, and has approached the same level in two sessions since then.
However, none of these sessions closed above the closing level on July 3rd.
The broader Topix index fell 0.21 percent to 2,376.71 points, with Toyota Motor shares falling 0.54 percent, which caused the largest decline in the index.
Sentiment was also hurt by a stronger yen, which led to selling, said Seiichi Suzuki, chief stock market analyst at Tokai Tokyo Research Institute.
The yen gained momentum as the dollar fell to its lowest level in three months on Tuesday, after falling overnight due to weaker-than-expected new home sales data.
Denso shares fell 4.85 percent, after Reuters reported that Toyota group companies plan to reduce their holdings in the supplier company by selling about ten percent of the company by the end of the year.
At the same time, Taisho Pharmaceutical Company shares rose by the daily maximum for the second session, and closed 15.28 percent higher at 7,545 yen after it was suspended from trading for most of the session in light of an abundance of purchase orders.
Last week, the pharmaceutical company announced the management’s purchase of shares at a price of 8,620 yen per share, which would transform the company into a private company.
Sogit Trading Company shares rose 8.46 percent to become the best performer on the Nikkei index, while Sharp TV producer shares fell 9.49 percent to record the worst performance.
2023-11-28 07:47:22
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