TOKYO, May 31 (Reuters) - Japanese shares closed lower on
Monday, as investors locked in gains after a recent rally,
although the losses were limited by a positive finish from local
The Nikkei share average ended 0.99% lower at
28,860.08, while the broader Topix fell 1.26% to
The Nikkei had jumped 2.1% on Friday to close at the
29,000-level for the first time since May 10, while Wall Street
finished with marginal gains.
"There aren't any reasons to buy Japanese stocks at the
moment except that the vaccine rollouts are proceeding well.
That is helping cap the declines in the session," said Yutaka
Miura, senior technical analyst at Mizuho Securities.
Japan started its inoculation drive in mid-February, later
than most major economies, and has been racing to vaccinate most
of its elderly population before the start of the Tokyo Olympics
on July 23.
Index heavyweights Fast Retailing and SoftBank
Group weighed on the Nikkei, after slipping 0.73% and
Renesas Electronics Corp sank 5.51% after the
chipmaker announced a sale of about $2 billion shares to help it
fund its planned $6 billion purchase of Dialog Semiconductor
Drugmakers advanced, with Astellas Pharma jumping
2.1% and Chugai Pharmaceutical gaining 0.45%.
Astellas was the largest percentage gainer on the Nikkei,
followed by Advantest gaining 2.06% and Yaskawa
Electric up 1.34%.
The largest percentage loser on the index was NTN
down 4.95%, followed by Fukuoka Financial Group, losing
4.71% and Shinsei Bank down 4.01%.
There were 16 advancers on the index against 206 decliners.
(Reportingi by Junko Fujita, Editing by Sherry Jacob-Phillips