TOKYO (AFP/APP): Tokyo stocks closed lower Tuesday on profit-taking, in cautious trade ahead of US consumer inflation data.
The benchmark Nikkei 225 index inched down 0.06 percent, or 22.98 points, to 38,797.51, while the broader Topix index fell 0.36 percent, or 9.59 points, to 2,657.24.
“The Tokyo market, which had been rising fast since the beginning of the year, was weighed down by the strengthening of the yen and profit-taking,” Iwai Cosmo Securities said.
Investors in Tokyo also took cues from losses across global markets ahead of US inflation data that could provide fresh clues for future Federal Reserve policy.
Investors are also paying close attention to the Bank of Japan’s policy meeting next week, with growing speculation it could end its negative interest rate policy.
Such a move could cool down “the arguably overheated Japanese stock market,” Stephen Innes of SPI Asset Management said.
Last week, the Nikkei broke 40,000 for the first time, having in February surpassed a record set just before Japan’s asset bubble burst in the early 1990s.
Among major shares, SoftBank Group fell 0.66 percent to 8,568 yen while Toyota lost 0.66 percent to 3,475 yen.
Uniqlo operator Fast Retailing jumped 1.42 percent to 43,480 yen.
The dollar traded at 147.50 yen against 146.96 yen on Monday in New York.
