Japan Market falls on profit booking

Japan share market closed down on Monday, 18 January 2021, as profit booking triggered across broad in response to drops in all three major U.S. stock gauges Friday amid worries over rising global coronavirus cases and key benchmark closing of highest level since Aug. 1990 last Friday. Meanwhile, yen appreciation against greenback also dented sentiment.

At closing bell, the 225-issue Nikkei Stock Average dropped 276.97 points, or 0.97%, to 28,242.21. The broader Topix index of all First Section issues on the Tokyo Stock Exchange rose 6.46 points, or 0.35%, to 1,864.40.

Shares of Semiconductor-related issues, including chipmaking gear maker Tokyo Electron and chip test device manufacturer Advantest, fell on the back of wariness over the U.S. government's reported action against Huawei. Drugmaker Chugai and online brokerage house Monex also went down.

 

On the other hand, electric vehicle parts maker Nidec jumped 4.58%, as investors reacted positively to President Jun Seki's reported remarks that he expects almost all drive motors installed in electric vehicles to be manufactured by companies other than automakers by around 2030. Among other major winners were seasoning producer Ajinomoto and construction machinery-maker Kubota.

CURRENCY NEWS: The Japanese yen traded at 103.73 per dollar, stronger than levels above 104.1 against the greenback seen last week.

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