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Japanese shares ease after prior session rally

Published 08/26/2020, 11:23 AM
Updated 08/26/2020, 11:30 AM

TOKYO, Aug 26 (Reuters) - Japanese shares inched lower on
Wednesday as investors chose to book profit after the Nikkei
briefly recovered to pre-pandemic levels in the previous
session.
The benchmark Nikkei share average .N225 eased 0.17% to
23,257.17 by the midday break, after closing 1.35% firmer on
Tuesday. It hit its highest level since Feb. 21 in the last
session as COVID-19 treatment hopes bolstered market sentiment.
The broader Topix .TOPX lost 0.35% to 1,619.54.
All but seven of the 33 sector sub-indexes on the Tokyo
Stock Exchange were trading lower, with airlines .IAIRL.T ,
real estate .IRLTY.T and nonferrous metals .INFRO.T leading
the decline.
Limiting losses for the Nikkei index, heavyweight SoftBank
Group 9984.T rose 2.34% after recent correction.
While the main focus is on Federal Reserve Chair Jerome
Powell's speech on Thursday for the U.S. central bank's view on
inflation and monetary policy, some investors are also waiting
for details on Japanese Prime Minister Shinzo Abe's health.
Abe plans to hold a press conference as early as this week
about his health after recent visits to a hospital, local media
reported. Fast-food restaurant group Colowide Co 7616.T lost 0.19%
as the company extended its hostile bid for casual dining chain
Ootoya Holdings 2705.T after failing to secure enough shares
by the deadline. Ootoya shares jumped 10.44%. Recruitment advertiser Recruit Holdings Co 6098.T fell 2%
ahead of its results after market hours.

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