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Nikkei weakens from early gains as boost from Yellen runs out of gas

Published 01/20/2021, 10:37 AM
Updated 01/20/2021, 10:40 AM
© Reuters.

TOKYO, Jan 20 (Reuters) - Japanese shares trimmed early
gains on Wednesday on profit-booking as U.S. Treasury Secretary
nominee Janet Yellen's call for big spending was perceived by
investors as no surprise.
Nikkei share average .N225 edged down 0.36% to 28,529.97
at 0149 GMT, while the broader Topix .TOPX inched down 0.52%
to 1,846.20.
Yellen's push for a sizable fiscal relief package in
response to the COVID-19 pandemic sent the Wall Street's main
indexes higher on Tuesday.
Yellen urged lawmakers to "act big" on the next package,
adding that the benefits outweigh the costs of a higher debt
burden. But since Yellen's remarks have been reported by media in
advance, there was no fresh reaction in the Japanese market,
said Masahiro Ichikawa, chief market strategist at Sumitomo
Mitsui DS Asset Management.　
"Yellen's speech was fully priced in today's market.
Investors are selling shares for profit taking," Ichikawa said.
The decline is capped by chip and electronic component
shares. Taiyo Yuden 6976.T jumped 4.09% and Tokyo Electron
8035.T gained 1.2%. Rohm Co 6963.T rose 1.69% and TDK Corp
6762.T was up 0.57%.
ANA Holdings 9202.T fell 2.42% after Jiji press reported
the airline would post its worst current profit for nine months
through December. Japan Airlines 9201.T fell 1.77%.
The largest percentage gainers in the index were Sumitomo
Chemical 4005.T , which jumped 8.24%, followed by Tokyo
Electric Power Company Holdings 9501.T gaining 5.65%.
The largest percentage losers were Daiichi Sankyo 4568.T ,
which fell 3.73 %, followed by Z Holdings Corp 4689.T losing
3.25 % and Mitsui OSK Lines 9104.T losing 2.78 %.

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