TOKYO, June 23 (Reuters) - Japan's Nikkei share average
drifted lower on Tuesday in choppy trade as traders took a
breather after an eight-session winning streak.
The Nikkei fell 1% to 71,645.26 after swinging
between gains and losses. The broader Topix slid 0.8% to
4,061.23.
"After a string of gains, the market appears to be seeing
some mild profit-taking," said Masahiro Ichikawa, chief market
strategist at Sumitomo Mitsui DS Asset Management.
There were 146 decliners in the Nikkei 225 against 76
advancers.
AI-related stocks that have underpinned the Nikkei's surge
recently were mixed. Cable and optical fibre maker Fujikura ( FKURF )
was the index's top performer with an 8.8% jump, while
tech investment giant SoftBank Group fell 8.1%.
Among the biggest percentage gainers, dairy and
confectionery maker Meiji Holdings ( MEJHF ) rose 3.1%, while
pharmaceutical company Otsuka Holdings ( OTSKY ) gained 2.1%.
On the downside, cable and components maker Furukawa
Electric ( FUWAF ) fell 10%, while non-ferrous metals producer
Mitsui Kinzoku ( XZJCF ) lost 8%.
The Nikkei has surged in recent months, hitting successive
record highs on sustained buying in AI- and
semiconductor-related stocks. The benchmark crossed the 72,000
level for the first time on Monday, just two sessions after
topping 71,000.
At the same time, a technical indicator, the 14-day relative
strength index, for the Nikkei stood at 73 as of Monday, above
the 70 mark that indicates shares may have risen too fast and
are poised for a reversal. The index was at 70.7 on Tuesday.
"The market had already been looking overheated for quite a
while as richly valued names kept rising, so it would not have
been surprising to see a correction at any time," Ichikawa said.
"Today, the selling appeared to pile up."
(Reporting by Satoshi Sugiyama; Editing by Subhranshu Sahu)