Tokyo Stocks Break 4 Day Winning Streak After Profit Taking

Tokyo stocks retreated Monday, snapping a four-day winning streak, as investors locked in gains from steady rises over the past several days.

The 225-issue Nikkei Stock Average ended down 103.46 points, or 0.61 percent, from Friday at 16,911.32. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 13.45 points, or 0.98 percent, lower at 1,361.90.

Decliners were led by insurance, and electric power and gas issues.

Tokyo stocks remained in negative territory throughout the day as investors locked in recent gains after the key Nikkei index rose almost 1,000 points in the past four trading days, analysts said.

“Overall, the Tokyo market is calmer and the excessive risk-off mood is receding,” Shingo Ide, chief equity strategist at the NLI Research Institute, said, adding that ebbing concerns about a potential U.S. recession have been helping Tokyo shares to stabilize.

Ide also said the latest snapshot of the U.S. labor market underpinned investor sentiment. The Labor Department data showed Friday that the number of jobs added last month was far larger than expected.

via Mainichi

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