Japan's Nikkei falls on profit-taking, yen; Mizuho climbs
Japan's Nikkei share average fell on Wednesday as traders locked in recent gains and appreciation in the yen sapped demand for exporters.
Tokio Marine Holdings sank 2.6% and triggered a decline in
insurance
companies after forecasting a 12% drop in annual profit. Mizuho surged 2.7%, leading banks higher after announcing a plan to shed cross-shareholdings.
by Taboola
by Taboola
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Undo
The benchmark Nikkei has climbed 4.4% since U.S. President
Donald Trump
announced sweeping tariffs on April 2, only to pause most of them as he sought bilateral trade deals.
"Stocks have been on a rise, but now that earnings have come to an end, I think there's a slight lack of catalysts in the market," said Wataru Akiyama, a strategist at Nomura Securities.
"We may be seeing an adjustment in the
stock market
after the recent rally has led to short-term overheating."
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Japan's export-reliant economy and
equity
market are still vulnerable to how trade talks with the U.S. pan out. The nation's lead trade negotiator, Ryosei Akazawa, will head to the U.S. on Friday for a third round of talks, the Nikkei newspaper reported.
Data on Wednesday showed Japanese exports rose for the seventh straight month in April but shipments to the U.S. fell, highlighting the toll of Trump's tariffs.
The Nikkei extended losses in the afternoon session as the yen advanced, closing 0.6% lower. The broader Topix lost 0.2%.
There were 121 advancers against 102 decliners on the Nikkei, which is still down almost 6.5% this year.
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