Tokyo Stocks Fall After Six-Day Gains Streak
(MENAFN) Tokyo stocks reversed course on Thursday, halting a six-day streak of gains as investors moved to lock in profits following a strong rally that had pushed the Nikkei index to record highs.
The Nikkei 225, Japan’s benchmark stock index, dropped 625.41 points, or 1.45 percent, closing at 42,649.26. The broader Topix index also retreated, losing 33.96 points, or 1.10 percent, to finish at 3,057.95.
The U.S. dollar briefly slipped to the lower 146 yen range in Tokyo after U.S. Treasury Secretary Scott Bessent remarked in an interview that Japan should consider raising interest rates to tackle inflation, while the U.S. must significantly lower its own rates.
Investors began to worry about a potential market overheating, especially after the Nikkei surged nearly 3,000 points over the past six trading sessions, topping 43,000 for the first time on Wednesday.
Export-linked stocks also struggled due to the yen's strengthening, prompting investors to take profits, according to analysts.
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