Japan’s Nikkei index rose to its highest level in more than three decades on Monday before changing course and closing lower as investors remained wary of the index’s recent significant gains.<\/p>\n\n\n\n
The Nikkei fell 0.59 percent to 33,388.03 points at the close, after earlier rising to its highest level since March 1990.<\/p>\n\n\n\n
The broader Topix index also changed its course and fell 0.77 percent to 2,372.60 points at the close.<\/p>\n\n\n\n
\u201cInvestors sold stocks after being cautious due to the sharp gains achieved by the Nikkei index recently,\u201d said Takehiko Masuzawa, head of trading at Philip Securities Japan.<\/p>\n\n\n\n
The Nikkei has risen 8% so far this month and is on track for its largest monthly gain since November 2020.<\/p>\n\n\n\n
Chip-related stocks had the biggest negative impact on the Nikkei index, with Tokyo Electron stock falling 0.87 percent and Advantest falling 1.55 percent.<\/p>\n\n\n\n
Shares of automakers fell, with Toyota Motor shares falling 3.89 percent and Honda Motor shares falling 3.78 percent in light of the rise of the yen against the dollar.<\/p>\n\n\n\n
The dollar fell to its lowest level in two months on Monday, continuing its downward trend from last week as traders reaffirmed their belief that US interest rates have peaked.<\/p>\n\n\n\n
The sub-index for the auto and spare parts sector shares fell 3.43 percent, becoming the worst performing among the 33 industrial sub-indices on the Tokyo Stock Exchange.<\/p>\n\n\n\n
Panasonic Holdings shares continued the rise that began on Friday, jumping 4.98 percent after the company announced the sale of a stake in its automotive systems business to funds managed by Apollo Global Management, a private American investment company.<\/p>\n\n\n\n
Tokyo Marine Holdings shares jumped 5.63 percent after the accident insurance company raised its annual profit forecast and announced plans to buy back up to two percent of its shares.<\/p>\n\n\n\n
Insurance sector shares rose 1.58 percent, becoming the best performers among the sub-indices.<\/p>\n","protected":false},"excerpt":{"rendered":"
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