TOKYO, Feb. 8 (Reuters) – Japan’s stock benchmark rallied on a four-session rally on Friday, rebounding from a 30-year high hit in the previous session, while investors were holding profits but gains in Toyota Motor and chip shares outweighed the losses. .
The Nikkei share average fell 0.14% to close at 29,520.07, after hitting a new high since August 1990 on Wednesday. The overall Topix went up 0.04% to finish at 1,931.68.
Markets were closed Thursday for public holidays.
“Investors are resting while waiting for the market price to confirm following a recent sharp rise,” said Koichi Kurose, chief strategist at Resona Asset Management.
“The gains in the last few weeks have been driven by optimism for each company, not by the growth for whole businesses. Investors are waiting to see if the recovery is real. ”
Shipping companies led the Nikkei decline, with Nippon Yusen losing 4.7%, Kawasaki Kisen falling 4.45% and Mitsui OSK Lines falling 4.67%.
Toyota Motor jumped 3.48%, after the automaker said Wednesday after markets closed that there is up to four months of stock of chips and that a global chip shortage was not immediately expected to hit production. It raised the full-year employment forecast by 54% more than expected.
But its competitors ’shares fell, with Honda Motor falling 3.55% and Nissan Motor losing 3.87%.
Chip-related shares acquired after Philadelphia’s semiconductor index were getting high overnight, as Bloomberg News reported that U.S. President Joe Biden’s administration had promised aggressive measures to address shortages chip.
Tokyo Electron and Sumco jumped 3.67%, while Advantest gained 3.86%.
Renesas Electronics rose 3.39% after posting a 45.6 billion yen ($ 434.99 million) annual net profit, recouping a 6.3 billion yen loss a year ago.
Reciting with Junko Fujita; Edited by Rashmi Aich