TOKYO: Japan’s Nikkei share average retreated on 2024’s last trading day on Monday from the five-month high hit in the last session, as investors locked in profits on the index that rose nearly 20% for the year.
The Nikkei fell 0.96% to close at 39,894.54 after opening 0.11% higher. It ended at a five-month closing high of 40,281.16 on Friday after a three-session winning streak.
The index rose 19.22% this year, underpinned by a weaker yen and the Japanese central bank’s low-rate policy. In 2023, it had gained 28%.
The broader Topix eased 0.6% to 2.784.92.
“Investors sold stocks today because they could not find clear reasons for the Nikkei to cross the 40,000 levels,” said Fumio Matsumoto, chief strategist at Okasan Securities.
“But that does not mean investors are pessimistic about the market in the coming year. They may just want to avoid risks during the market close in Japan for the new year, which is longer than usual.” Japanese markets will reopen on Jan. 6, 2025, after closing for the New Year holidays starting Tuesday.
Source: Brecorder
