Japan’s Nikkei index retreated from its highest level in 33 years

Japan’s Nikkei index fell sharply on Tuesday after reaching a 33-year high, with some investors rushing to sell stocks to lock in profits, after the index posted eight straight days of gains.

The Nikkei index started the day’s trading strongly and reached a new peak at 31352.53 points, a level last recorded in August 1990. But it pared gains after the mid-day break with more stock selling.

Declines followed quickly, pushing the index down 0.83 percent, before ending the session down 0.42 percent at 30,957.77 points.

Toyota Motor shares fell 4.77 percent in the last minutes of trading, becoming the biggest loser on the Nikkei index.

The broader Topix index fell 0.66 percent to 2,161.49 points.

Chipmaking equipment giant Tokyo Electron fell 2.57%, while Advantest fell 1.67%.

But there were more resilient chip-related stocks such as Trend Micro and Renesas Electronics, which were among the biggest gainers on the Nikkei index, rising 2.94 and 2.21 percent, respectively.