Japan’s Nikkei gave up its gains and closed lower

Japan’s Nikkei index gave up its gains and fell on Thursday, as investors took profits after big gains recorded by the index over four sessions.

The Nikkei index fell 0.05% to 33,485.49 points at the close, although it rose most of the day and rose 0.8% to hit a 33-year high before reversing its path and erasing four days of gains during which it rose 6%.

The broader Topix index fell 0.2 percent to 2,293.97 points during the day.

On Thursday, the yen fell to its lowest level this year as the dollar rose after the Federal Reserve signaled it would raise interest rates later in the year.

Toyota Motor rose 0.45 percent, but pared most of its early gains. Honda Motor shares fell 0.55 percent.

Pharmaceutical companies fell, with Esai shedding 5.91%, making it the worst performer on the Nikkei, while Daiichi Sankyo lost 3.98%.

The pharmaceutical sector fell 1.8 percent to be the biggest loser among 33 sub-indices on the Tokyo Stock Exchange.

Some analysts expected the Nikkei index to rise further after a pause, supported by foreign demand.