Nikkei falls on profit-booking as boost from Yellen call fades

  • Reuters
  • Stock Market News
Nikkei falls on profit-booking as boost from Yellen call fades

TOKYO, Jan 20 (Reuters) - Japanese shares retreated from early gains on Wednesday on profit-booking as U.S. Treasury Secretary nominee Janet Yellen's call for big spending was not perceived by investors as surprising.

Nikkei share average .N225 edged down 0.38% to 28,523.26, while the broader Topix .TOPX inched down 0.34% to 1,849.58.

Asian shares climbed to a record high as Yellen advocated for a hefty fiscal relief package to help the world's largest economy ride out a pandemic-driven slump. there was no fresh reaction in the Japanese market as Yellen's remarks have been reported by media in advance, said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management. 

"Yellen's speech was fully priced in today's market. Investors are selling shares for profit taking," Ichikawa said.

The decline is capped by chip and electronic component shares. Taiyo Yuden 6976.T rose 3.92% and Tokyo Electron 8035.T gained 0.9%. Rohm Co 6963.T rose 1.02% and TDK Corp 6762.T was up 0.4%.

Tokyo Electric Power 9501.T surged 7.63% as Japan's wholesale electricity prices rose because power providers were desperate for supplies to meet demand for heating in the cold weather. were 120 advancing stocks on the Nikkei index, against 101 decliners.

ANA Holdings 9202.T fell 3.35% after Jiji press reported the airline would post its worst current profit for nine months through December. Japan Airlines 9201.T fell 1.77%.

The largest percentage gainer in the index was Sumitomo Chemical Co 4005.T , which jumped 9.65%.

The largest percentage losers in the index were Daiichi Sankyo Co 4568.T , which fell 3.97 %, followed by Keio Corp 9008.T losing 3.9%.

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