TOKYO, Oct 18 (Reuters) - Japanese shares slipped on Monday
as investors booked profits following a rally over the past
couple of weeks, but automakers gained after Toyota Motor hinted
that it could still hit its full-year output plan despite chip
Investors were also cautious on rising uncertainty on the
Chinese economy as debt-laden Chinese property firm Evergrande
struggles for its survival and as the country's GDP
slowed in the third quarter.
By midday, the Nikkei share average fell 0.28% to
28,987.66, stepping back after rising to 29,144.33, its highest
level since Oct. 1.
"A lot of investors would like to take profits when the
Nikkei is above 29,000. My feeling is they are also wary of
Evergrande's troubles ahead of its deadline to avoid default,"
said Hiroyuki Ueno, senior strategist at Sumitomo Mitsui Trust
The broader Topix lost 0.37% to 2,016.53but Topix
transport equipment maker index rose 1.8% to reach
its highest levels since 2015.
Toyota Motor rose 2.5% after it cut its planned
global output for November by as much as 15% due to ongoing chip
shortages, but indicated it would ramp up production from
December by sticking to its latest full-year production target.
Rival carmakers also gained, with Suzuki Motor up
2.5%, Subaru adding 2.2% and car part maker Denso
rising 2.6%, as a weaker yen is seen as boosting their
Resource-related shares were another bright spot thanks to
the strength of commodity market. Mitsui Mining rose
5.1%, while Sumitomo Metal added 2.1% and oil explorer
Inpex gained 5.0%.
BayCurrent Consulting lost 11.7% as its solid
quarterly earnings fell short of strong investor expectations.
Its stock price is still up almost 150% so far this year.
Fintech start-up Money Forward tumbled 12.8% after
it reported larger-than-expected quarterly losses.
Pasona lost 5.8% after investors were underwhelmed
by the staffing service firm's quarterly results.
(Reporting by Hideyuki Sano; editing by Uttaresh.V)