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Japan’s Nikkei index retreated from a 16-month peak on Wednesday as cautious investors looked to book profits ahead of key US inflation data that could influence the Federal Reserve’s path on monetary policy.
The results of the business of some companies also cast a shadow on their performance, as the share of Marui Group to operate retail stores jumped 21 percent, while the share of Mitsubishi Motors closed down 9.83 percent after expectations of a decline in profits.
The sub-index for iron and steel companies turned from being the best-performing sector in the morning to the worst-performing after weak results from Nippon Steel.
The Nikkei index closed down 0.41 percent at 29,122.18 points, after rising on Tuesday by 1 percent, to end trading at the highest level since January of 2022.
As for the broader Topix index, it fell 0.55 percent to 2,085.91 points. On Tuesday, it closed at its highest level since September 2021.
About 300 companies reported results on Wednesday, rising to nearly 500 on Thursday, before the earnings season peaked at more than 1,000 on Friday.
Toyota Motor rose 2.5 percent after announcing positive financial results, but the gains narrowed to only 0.78 percent at the close.
