Japan’s Nikkei Snaps 4-day Winning Streak as US Treasury Yields Rise
![](https://japannews.yomiuri.co.jp/wp-content/uploads/2023/11/JPX-1107.jpg)
Tokyo Stock Exchange
15:59 JST, November 7, 2023
TOKYO, Nov 7 (Reuters) – Japan’s Nikkei share average lost more than 1% on Tuesday, snapping a four-session gaining streak, as investors sold stocks to lock in profits after a sharp rally, with an overnight climb in U.S. Treasury yields turning sentiment.
The Nikkei .N225 closed down 1.34% at 32,271.82. The index closed at more than a one-month high in the previous session after gaining 6.5% in four sessions.
The broader Topix .TOPX ended 1.17% lower at 2,332.91.
“The Nikkei was losing momentum until last week because investors sold stocks amid rising trend of U.S. Treasury yields. They bought back stocks in the past four sessions, driven by the downward trend of U.S. Treasury yields,” said Takehiko Masuzawa, trading head at Phillip Securities Japan.
U.S. Treasury yields climbed overnight as investors grew cautious about large auctions of notes and bonds in the week that could determine whether there is enough demand for U.S. government debt to push rates lower again. US/
“A pause in declines in the U.S. Treasury yields became a cue for a sell-off for those who wanted to lock in profits,” said Jun Morita, general manager of the research department at Chibagin Asset Management.
Uniqlo brand owner Fast Retailing 9983.T slipped 0.92% to drag the Nikkei the most. Chip-making equipment maker Tokyo Electron 8035.T lost 1.37%.
Ajinomoto 2802.T tanked 10.21% to become the worst performer on the Nikkei even as the food maker raised its annual net profit forecast.
JSR 4185.T fell 1.46% after the chip materials maker slashed its operating profit forecast for the current financial year by 62%.
Hitachi Zosen 7004.T rose 4.25% after the machinery maker raised its annual profit forecast.
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