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Tokyo Stocks Close Friday Down
(MENAFN) Japanese equities retreated sharply Friday as market participants capitalized on profits following a post-election rally that propelled major indices to unprecedented heights earlier in the week.
The Nikkei Stock Average—Japan's flagship 225-issue benchmark—plummeted 697.87 points, shedding 1.21 percent to close at 56,941.97, marking a significant reversal from Thursday's session.
The broader Topix gauge posted steeper losses, declining 63.31 points, or 1.63 percent, to settle at 3,818.85 by the closing bell.
The selloff follows an extraordinary three-session winning streak during which the Nikkei established fresh intraday peaks each trading day through Thursday, buoyed by the ruling coalition's decisive victory in Sunday's lower house elections that secured a parliamentary majority.
Market analysts attributed the downturn to strategic profit-taking after the benchmark's record-breaking performance, with traders simultaneously adopting a defensive posture ahead of critical U.S. inflation metrics scheduled for release Friday.
The anticipated American economic data injected additional caution into trading sentiment, prompting investors to reduce risk exposure across Tokyo bourses, according to market observers.
The Nikkei Stock Average—Japan's flagship 225-issue benchmark—plummeted 697.87 points, shedding 1.21 percent to close at 56,941.97, marking a significant reversal from Thursday's session.
The broader Topix gauge posted steeper losses, declining 63.31 points, or 1.63 percent, to settle at 3,818.85 by the closing bell.
The selloff follows an extraordinary three-session winning streak during which the Nikkei established fresh intraday peaks each trading day through Thursday, buoyed by the ruling coalition's decisive victory in Sunday's lower house elections that secured a parliamentary majority.
Market analysts attributed the downturn to strategic profit-taking after the benchmark's record-breaking performance, with traders simultaneously adopting a defensive posture ahead of critical U.S. inflation metrics scheduled for release Friday.
The anticipated American economic data injected additional caution into trading sentiment, prompting investors to reduce risk exposure across Tokyo bourses, according to market observers.
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