Tokyo, Feb 17 (AFP/APP):Tokyo stocks closed lower Wednesday on profit-taking, taking a pause after recent rallies.
The benchmark Nikkei 225 index lost 0.58 percent, or 175.56 points, to 30,292.19, while the broader Topix index slipped 0.18 percent, or 3.59 points, to 1,961.49. “It is natural to see profit-taking after the Nikkei rose so fast in the past few weeks,” said Shinichi Yamamoto, a broker at Okasan Securities in Tokyo. Some dealers said the market was overheating, “but sentiment is not weak at all,” Yamamoto told AFP. “Although investors tend to lock in profits at this level, the market is expected to remain bullish for now,” he said.
The dollar fetched 105.85 yen in Asian afternoon trade, against 105.99 yen in New York late Tuesday. Toyota fell 0.67 percent to 8,247 yen after announcing plans to suspend 14 lines at nine of its 15 automobile assembly plants in Japan for up to four days as parts procurement has been affected by an earthquake that hit the northeastern part of the country on Saturday. Procurement has also been affected by cold weather across parts of the United States.
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