Nikkei slips from over 30-yr high on profit-taking after rally; Toyota, chip shares jump

TOKYO, Feb 8 (Reuters) - Japan's stock benchmark snapped a
four-session rally on Friday, slipping from a more than 30-year
high hit in the previous session, as investors booked profits
but gains in Toyota Motor and chip shares capped the losses.
Nikkei share average .N225 edged down 0.14% to close at
29,520.07, after hitting a fresh high since August 1990 on
Wednesday. The broader Topix .TOPX inched up 0.04% to end at
1,931.68.
Markets were closed on Thursday for a public holiday.
"Investors are taking a pause as they wait for the market
price to consolidate after a recent sharp rise," said Koichi
Kurose, chief strategist at Resona Asset Management.
"The gain in the past few weeks was led by optimism for each
individual company, not by the growth for overall industries.
Investors are waiting to confirm whether the recovery is true."
Shipping companies led the Nikkei declines, with Nippon
Yusen 9101.T losing 4.7%, Kawasaki Kisen 9107.T falling
4.45% and Mitsui OSK Lines 9104.T falling 4.67%.
Toyota Motor 7203.T jumped 3.48%, after the automaker said
on Wednesday after markets closed that it has up to four-month
of stockpile of chips and was not immediately expecting a global
chip shortage to hit production. It raised its full-year
earnings forecast by a bigger-than-expected 54%. But its rivals' shares fell, with Honda Motor 7267.T
falling 3.55% and Nissan Motor 7201.T losing 3.87%.
Chip-related shares gained after Philadelphia semiconductor
index .SOX hit record highs overnight, as Bloomberg News
reported that U.S. President Joe Biden's administration had
pledged aggressive steps to address chip shortage. Tokyo Electron 8035.T and Sumco 3436.T jumped 3.67%, and
Advantest 6857.T gained 3.86%.
Renesas Electronics 6723.T rose 3.39% after it posted a
45.6 billion yen ($434.99 million) annual net profit, rebounding
a 6.3 billion yen loss year ago.