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TOKYO (Jiji Press) — Tokyo stocks turned modestly lower Thursday after advancing for four sessions in a row, hit by selling spurred by the latest bull run and the yen’s rise.
The Nikkei average of 225 selected issues listed on the Tokyo Stock Exchange’s Prime section fell 32.26 points, or 0.12%, to finish at 27,362.75 after rising 95.82 points Wednesday.
The broader TOPIX index ended 2.29 points, or 0.12%, lower at 1,978.40, following a 7.77-point gain the previous day.
The market got off to a firmer start with the Nikkei average topping 27,500 for the first time since Dec. 16 on an intraday basis. But selling quickly gathered steam, pushing down both the Nikkei and TOPIX indexes into negative terrain.
“Wariness over an overheated market grew after the Nikkei rose nearly 1,000 points in the four-session rally through Wednesday,” said Kazuo Kamitani, strategist at Nomura Securities Co.
The yen’s appreciation against the dollar also dampened sentiment, brokers said.
In the afternoon, stocks went sideways amid a lack of fresh events.
Players opted to stay calm before the release later on Thursday of U.S. gross domestic product data for October-December, Kamitani pointed out.
Yutaka Miura, senior technical analyst at Mizuho Securities Co., observed that semiconductor-linked shares fared poorly throughout the day’s trading in reaction to bleaker-than-expected earnings outlook shown by U.S. chipmaking equipment maker Lam Research Corp. on Wednesday,
The market was underpinned to some extent by buybacks that have continued since the Bank of Japan left its current easing measures intact in its Jan. 17-18 policy meeting, Miura also said.
On the Prime section, decliners outnumbered gainers 966 to 761, while 109 issues were flat.
Shipping firms were sold heavily after the world’s two largest container shippers said they will end their vessel-sharing alliance in January 2025. Kawasaki Kisen plunged 4.11%, Mitsui O.S.K. Lines 3.24% and Nippon Yusen 2.37%.
Fujitsu General shed 2.83% due to the air conditioner maker’s disappointing earnings figures. Peer Daikin dipped 1.83%.
