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Nikkei inches down as chip shares track U.S. peers; Toyota lifts Topix

06/15/2021 | 11:08pm EDT

TOKYO, June 16 (Reuters) - Japan's benchmark Nikkei index inched down on Wednesday, dragged by chip-related stocks which tracked U.S. peers, though cyclical shares capped losses on prospects of a domestic economic recovery backed by the nation's steady rollouts of the COVID-19 vaccines.

The Nikkei share average inched down 0.26% to 29,363.22 by 0218 GMT, while the broader Topix inched up 0.20% to 1,979.34, supported by Toyota Motor, which reached its new high.

"Many investors are holding their bets as they await the outcome of the Federal Reserve meeting, but cyclical stocks that are set to benefit in the post-pandemic era are solid," said Yutaka Miura, senior technical analyst at Mizuho Securities

Wall Street's all three major indices dropped overnight as markets awaited fresh guidance from the U.S. Federal Reserve.

Japanese chip-related shares were hit by declines in the Philadelphia Semiconductor index. Tokyo Electron, a leading supplier of chipmaking equipment, slipped 1.33% and Advantest, a major semiconductor test equipment supplier, lost 0.97%.

Energy and materials shares as well as shippers capped losses on the Nikkei.

Among them, Japan's biggest oil and gas explorer Inpex shined, jumping 4.07%, as oil prices hit their highest in more than two years.

Hopes for an economic reopening lifted department store shares, with Takashimaya jumping 3.15% and Isetan Mitsukoshi Holdings rising 0.95%.

AGC Inc, up 4.66%, gained the most on the Nikkei, followed by Kawasaki Kisen Kaisha gaining 4.38%.

The largest decliner on the index was GS Yuasa Corp down 4.01%, followed by Unitika losing 3.12% and M3 down 2.44%. (Reporting by Junko Fujita; Editing by Shailesh Kuber)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADVANTEST CORPORATION 1.61% 10120 End-of-day quote.30.92%
AGC INC. -1.01% 4925 End-of-day quote.36.81%
GS YUASA CORPORATION -2.63% 2670 End-of-day quote.-9.92%
INPEX CORPORATION -1.02% 773 End-of-day quote.39.03%
ISETAN MITSUKOSHI HOLDINGS LTD. -0.55% 725 End-of-day quote.18.85%
KAWASAKI KISEN KAISHA, LTD. 6.58% 4290 End-of-day quote.103.13%
M3, INC. -0.16% 7020 End-of-day quote.-27.95%
TAKASHIMAYA COMPANY, LIMITED -1.31% 1126 End-of-day quote.27.23%
TOKYO ELECTRON LIMITED 2.22% 47490 End-of-day quote.23.67%
TOYOTA MOTOR CORPORATION -0.16% 9954 End-of-day quote.25.10%
UNITIKA LTD. 1.18% 342 End-of-day quote.-13.20%
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