Nikkei snaps 4-session winning streak on profit-taking

November 8, 2017

TOKYO- The benchmark Nikkei average failed to extend its winning streak to a fifth session on the Tokyo Stock Exchange Wednesday, as profit-taking prevailed following the previous day's upsurge.

The 225-issue price average lost 23.78 points, or 0.10 percent, to end at 22,913.82. On Tuesday, the key market gauge shot up 389.25 points.

Meanwhile, the TOPIX index of all first-section issues gained 4.31 points, or 0.24 pct, to close at 1,817.60, the highest closing since Nov. 14, 1991. The index rose 20.63 points the previous day.

Stocks opened sharply lower battered by selling to lock in profits after the Nikkei average jumped to finish at the highest level in nearly 26 years on Tuesday, marking the best closing since the collapse in the early 1990s of Japan's bubble economy.

Investors' risk appetite decreased also because of a halt in the yen's weakening against the dollar, brokers said.

In the afternoon, however, the Nikkei recovered much of the lost ground and the TOPIX index returned to positive territory. Jiji Press