Tokyo stocks close down on profit taking

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Tokyo Stocks Close Down on Profit Taking

Tokyo, Japan - The Tokyo stock market closed lower on Friday, with the Nikkei 225 index falling 0.8% to 28,445.50, as investors took profits after a recent rally.

The Nikkei 225 had surged 2.5% on Thursday, driven by optimism over the global economic outlook and a weaker yen. However, investors took a breather on Friday, selling off shares in technology and financial stocks.

The Topix index, which tracks the performance of all stocks listed on the Tokyo Stock Exchange, fell 0.7% to 1,846.50.

"Profit taking was the main driver of the market's decline today," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui Bank. "Investors had been buying up stocks in recent days, and they're now taking some of those profits off the table."

Technology stocks were among the hardest hit, with shares of Sony Corp. falling 2.1% and Toshiba Corp. declining 1.8%. Financial stocks also fell, with shares of Mitsubishi UFJ Financial Group Inc. dropping 1.5% and Sumitomo Mitsui Financial Group Inc. declining 1.3%.

However, some investors remained optimistic about the market's prospects, citing the ongoing economic recovery and the potential for further stimulus measures from the Japanese government.

"The fundamentals of the Japanese economy are still strong, and we expect the market to continue to move higher in the long term," said Hiroshi Ogawa, chief strategist at Toyo Securities Co.

The Nikkei 225 is still up 1.3% for the week, and the Topix index is up 1.1%.