Japan’s Nikkei Index is Slipping From a 29-and-a-Half Year High

Japanese stocks closed lower Monday, December 7, as the Nikkei benchmark retreated from its highest levels in more than 29 and a half years, as gains for five consecutive weeks raised some concerns from a frenzied market and prompted investors to sell for profit.

Nikkei fell 0.76% to 26547.44 points, after recording its peak since April 1991 at the open. The broader Topix index lost 0.86% to 1760.75 points.

In Tokyo, stocks led first with positive indications from the US stock trading session on Friday, then reversed their direction by profit-taking.

The main US stock indices rose to unprecedented levels last week, amid mounting expectations for a new financial stimulus after pessimistic US jobs data.