Nikkei 225 Weakens, What's Holding Back Market Momentum?
Japanese stocks closed lower on Tuesday, with the Nikkei Index falling 1.7% to 51,497.20 and the Topix Index down 0.7% to 3,310.14. Profit-taking in previously outperforming stocks, particularly those related to the artificial intelligence (AI) sector, was the main factor in the decline. SoftBank Group and Advantest both fell more than 5% after posting sharp gains this year. "Stocks have been rising very quickly, so it's not surprising that we're seeing repositioning," said Hiroshi Namioka, chief strategist at T&D Asset Management.
The strengthening yen against the dollar also put pressure on the Japanese stock market, according to Jumpei Tanaka of Pictet Asset Management. While most sectors declined, some stocks performed well, such as Lasertec, which rose 8.3% after its results beat expectations, and Tokyo Electron and Fanuc, which also posted positive performance after strong results. However, investors' increased focus on individual earnings reports has made it difficult for the overall market to continue its upward momentum this week. (az)
Source: Newsmaker.id
