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Japan's Nikkei retreats from 30-year high as corporate earnings loom

01/21/2021 | 09:32pm EST

TOKYO, Jan 22 (Reuters) - Japanese shares retreated from a 30-year peak on Friday, as investors refrained from placing big bets ahead of the corporate earnings season while some locked in profit after the recent rally in global equities.

Nikkei share average edged down 0.33% to 28,663.27 as of 0140GMT, while the broader Topix eased 0.23% to 1,856.35. The index closed at a 30-year high on Thursday on investor optimism that new U.S. administration's massive stimulus package will bolster growth.

"Today's decline is mainly due to profit-taking after U.S. stocks touched new highs," said Hideyuki Ishiguro, senior strategist, Daiwa Securities.

"Investors are also holding off from buying ahead of earnings reports next week."

Wall Street peaked overnight, with both the S&P 500 and Nasdaq Composite closing at record highs, pushed upward by continued optimism about economic stimulus to counteract the COVID-19 pandemic promised by newly inaugurated U.S. President Joe Biden.

Ad agency Dentsu Group fell 2.97%, following a jump of more than 5% on Thursday, after a report by the Times that the Japanese government has privately concluded the Tokyo Olympics to be cancelled because of the coronavirus pandemic. Hakuhodo DY Holdings fell 2.38%. Nippon Steel fell 3.07% after announcing plans to boost its stake in Tokyo Rope in a public tender offer. .

Tokyo Rope is untraded with glut of bids and looks set to rise 28%, its limit for the day.

Shiseido jumped 3.99%, becoming the largest gainer in the index, after the cosmetic firm said it was in talks to sell its shampoo and skincare business to private equity CVC Capital Partners.

Kao rose 1.04%.

Chip-related shares rose, with Nikon rising 3.27% and Sharp jumping 3.9%.

(Editing by Sherry Jacob-Phillips)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALSO HOLDING AG 1.65% 247 Delayed Quote.-3.95%
DAIWA SECURITIES GROUP INC. 0.21% 530.1 End-of-day quote.12.79%
DENTSU GROUP INC. 1.09% 3710 End-of-day quote.21.04%
DJ INDUSTRIAL 0.84% 31818.65 Delayed Quote.2.99%
HAKUHODO DY HOLDINGS INC -2.31% 1776 End-of-day quote.25.51%
KAO CORPORATION -2.41% 7095 End-of-day quote.-10.98%
NASDAQ 100 -0.02% 13211.30526 Delayed Quote.2.60%
NASDAQ COMP. 0.38% 13534.440808 Delayed Quote.4.48%
NIKKEI 225 -1.61% 29671.7 Real-time Quote.9.88%
NIKON CORPORATION -1.09% 909 End-of-day quote.39.63%
NIPPON STEEL CORPORATION 0.97% 1566.5 End-of-day quote.17.96%
S&P 500 0.65% 3910.11 Delayed Quote.3.21%
SHARP CORPORATION -6.96% 1991 End-of-day quote.27.30%
SHISEIDO COMPANY, LIMITED 0.02% 8152 End-of-day quote.14.24%
TOKYO ROPE MFG. CO., LTD. -0.90% 1432 End-of-day quote.88.92%
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