Japan Shares Slip from 30Year High on Profit Booking

TOKYO, Feb 17 Reuters Japanese shares fell on Wednesday as investors booked profits after a recent rally drove them to a 30year high, even as pandemicbeaten shares gained on expectations for an economic recovery from a coronavirusdriven slump.

The Nikkei share average edged down 0.58 to 30,292.19 from Tuesdays high of 30,714.52, a peak since August 1990.

The broader Topix slipped 0.18 to 1,961.49, a day after scaling its highest since June 1991.

Investors are selling stocks for profit booking today. The market is taking a pause from a rising momentum, said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.

Shares that were beaten down amid the pandemic are being bought as rising interest rates in the U.S. and Japan indicates an economic recovery. Rollouts of COVID19 vaccines in Japan is another positive factor.

Chip and electronics shares led losses in Nikkei, with TDK down 3.23, Yaskawa Electric losing 3.23 and Tokyo Electron shedding 2.2.

The declines followed a drop overnight in U.S. technology stocks.

Bridgestone fell 4.13 after the tire maker posted its first annual net loss in 69 years due to impairment and restructuring costs, following the pandemic.

Shares whose valuations had shot up after a recent rally also took a hit, with M3 falling 3.88 and Keyence losing 1.09.

On the other hand, travel and leisurerelated shares did well after Japan launched its COVID19 inoculation drive on Wednesday.

ANA Holdings jumped 4.19…

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