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Japan's Nikkei slips on profit-taking after two-day winning streak
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Japan's Nikkei slips on profit-taking after two-day winning streak
Dec 3, 2024 7:27 PM

TOKYO, Dec 4 (Reuters) - Japan's Nikkei share average

edged down on Wednesday, with investors booking profit after two

straight days of gains as they awaited fresh economic cues from

the U.S. and Japan.

The Nikkei declined 0.4% to 39,077.04 by the midday

break, after closing up nearly 2% the previous day.

The broader Topix was down 0.6% at 2,735.97.

Japan's major technology shares got off to a solid start

before slipping as investors secured profit after Tuesday's

large gains.

The market was also weighing escalating trade tensions after

the United States' latest crackdown on China's chip sector.

AI-focused startup investor SoftBank Group shed

2.5%, and chip-making equipment giant Tokyo Electron ( TOELF )

slid 0.6%, while chip peer Advantest ( ADTTF ) gained 0.8%.

Wall Street ended mixed overnight, offering limited momentum

to Japanese equities.

With monetary policy meetings in both the U.S. and Japan

coming up later this month, economic news was in focus, said

Kenji Abe, chief strategist at Daiwa Securities.

The U.S. jobs report will be released on Friday, while the

U.S. CPI and the Bank of Japan's "tankan" survey are due later

this month.

"I think investors are paying a lot of attention to those,"

said Abe.

Federal Reserve Chair Jerome Powell will also speak later on

Wednesday.

Among individual shares, Uniqlo parent firm Fast Retailing ( FRCOF )

climbed 0.8% to offer the overall Nikkei support. The

company said on Monday that Uniqlo's domestic same-store sales

in November increased 12.2% compared to the same month last

year.

Ryohin Keikaku ( RYKKF ) jumped 5.6% after the Muji retail

stores operator also reported a rise in domestic retail and

online store sales last month compared to a year ago.

Shares of pharmaceutical firm Eisai ( ESALF ) tumbled 4.5% on

news that Biogen expects growth of its Alzheimer's

disease drug, Leqembi, to see a "linear trend" in the United

States in the near term. Biogen sells Leqembi with Eisai ( ESALF ).

Automakers stumbled, with Subaru and Nissan Motor ( NSANF )

both losing about 3.3%.

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