Japan’s Nikkei index records its biggest decline in 12 weeks after a series of gains

Japan’s Nikkei index recorded its biggest drop in 12 weeks on Wednesday, as investors exercised caution after a series of gains.

The Nikkei index fell 1.82 percent to close at 31,913.74 points, its biggest daily decline since March 14, ending a four-day streak of gains.

The index rose 0.6 percent in early trade, tracking the rally on Wall Street overnight, after hitting its highest level since July 1990 in the previous session.

The broader Topix index fell 1.34 percent to 2,206.30 points.

Chip-related stocks led the Nikkei’s declines, with Tokyo Electron and Advantest falling 4.18 and 3.79 percent, respectively.

Daikin Air Conditioning Solutions fell 4.40 percent and Fast Retailing, owner of the Uniqlo clothing brand, fell 2.13 percent.

As for Sharp Corp, it bucked the prevailing trend and jumped 3.20 percent, and Suzuki Motor rose 1.76 percent.

Among the stocks listed on the Nikkei index, 26 stocks rose and 197 declined, while two stocks remained unchanged.