Business & Investment

Japanese stocks: The Nikkei Stock Average has shifted its focus to corporate profits and has fallen from its peak in 30 years.

Tokyo: Japanese stocks have receded from their peak in 30 years on Friday. Investors refrained from making big bets ahead of the corporate earnings season, but some have fixed profits after a recent backlash.

The Nikkei Stock Average closed at 28,631.45, down 0.44%, while the broader Topix closed at 1,856.64, down 0.21%. In the last session, the index closed for the first time in 30 years, with optimism that the US president is planning a major stimulus package. Joe Biden Boost growth.

“The fall on Friday was primarily due to profit taking after US stocks hit new highs,” said Hideyuki Ishiguro, senior strategist. Daiwa Securities..

“Investors are refraining from buying ahead of next week’s earnings report,” he said.

Asian stocks have settled from record highs as investors robbed the table of some money after a recent stimulus-led backlash.

Wall Street peaked overnight, with both the S & P 500 and the Nasdaq Composite closing at record highs, boosted by continued optimism for the stimulus to survive the pandemic collapse.

Advertising agency Dentsu Group has fallen 2.19 percent after a Times report that the Japanese government has privately concluded that the Tokyo Olympics will be cancelled. The government flatly denied the report.

Nippon Steel It fell 3.51 percent after announcing plans to increase its stake in Tokyo Rope through a tender offer.

Tokyo Rope soared to a 28% high after not being traded in large bids early in the session.

Shiseido surged 4.33 percent after cosmetics companies said they were in talks to sell their shampoo and skin care business to private-equity funds CVC Capital Partners..

Panasonic rose 3.28% after Morgan Stanley MUFG Securities raised its target price from 1,400 yen to 1,700 yen.



Japanese stocks: The Nikkei Stock Average has shifted its focus to corporate profits and has fallen from its peak in 30 years.

https://economictimes.indiatimes.com/markets/stocks/news/nikkei-slips-from-30-year-peak-as-focus-shifts-to-corporate-earnings/articleshow/80402549.cms Japanese stocks: The Nikkei Stock Average has shifted its focus to corporate profits and has fallen from its peak in 30 years.

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