TOKYO, June 5 (Reuters) - Japan's Nikkei share average
retreated on Friday for a second consecutive session after
closing at a record high earlier this week, as momentum slowed
in the red-hot technology sector.
The benchmark Nikkei 225 Index was down 1.58% at
66,406.17, but still poised for a slight gain on the week. The
broader Topix edged 0.01% higher to 3,952.44.
The Nikkei closed at an all-time peak of 68,402.13 on
Wednesday and has gained 34% so far this year.
The tech-heavy Nasdaq closed lower in the U.S. overnight
after chipmaker Broadcom ( AVGO ) missed revenue expectations,
dampening euphoria over AI investment.
On the other hand, data showing that real wages in Japan
rose 1.9% in April, gaining for a fourth consecutive month, lent
support to the broader market.
"While AI and semiconductor-related stocks are down today,
we're seeing gains across a broad range of other sectors and
stocks," said Wataru Akiyama, an equities strategist at Nomura
Securities. "Wage growth leads to increased consumption, which
in turn leads to improved corporate performance, and this is
thought to be contributing to the overall resilience of Japanese
equities."
There were 136 advancers in the Nikkei index against 88
decliners.
The biggest laggards in the index were technology industry
suppliers, with Sumco ( SUMCF ) down 10%, followed by Ibiden ( IBIDF )
, down 7.9%, and Renesas Electronics ( RNECF ), which
sank 7.5%.
The top gainers were Japan Steel Works ( JPSWF ), up 8.9%,
followed by Trend Micro ( TMICF ), which rose 7%, and T&D
Holdings ( TDHOF ), up 6%.