Tokyo, March 28, 2024 (AFP)
Tokyo shares ended lower on Thursday after investors locked in dividend rights during the previous session.
The benchmark Nikkei 225 index dropped 1.46 percent, or 594.66 points, to close at 40,168.07, while the broader Topix index lost 1.73 percent, or 48.47 points, to 2,750.81.
"Although the major indices rose across the board in the US and European markets, a wide range of stocks were sold in Tokyo due to the impact of the ex-dividends of major companies," IwaiCosmo Securities said.
The Nikkei surged on Wednesday, the final day for investors to secure the rights to dividends for various shares before the Japanese fiscal year ends this week.
The headline index on Thursday was expected to drop as investors adjust their positions, even as a sense of optimism about Japanese shares endures.
The Tokyo market was also facing pressure after recent rallies, analysts said.
Eyes are on the forex market after the yen plunged Wednesday to 151.97 to the dollar -- a 34-year low -- before hovering around 151.25 yen as European markets opened.
This prompted Tokyo's currency officials to reiterate that they might take action if they see excessive currency moves.
The dollar stood at 151.35 yen in Tokyo on Thursday.
Among major shares, SoftBank Group slid 0.96 percent to 8,962 yen, while Sony Group tumbled 2.08 percent to 12,930 yen.
Chip-linked shares were lower, with Tokyo Electron falling 0.63 percent to 39,260 yen and Advantest losing 1.62 percent to 6,695 yen.
Mitsubishi Heavy Industries jumped 1.37 percent to 1,365 yen after dropping on Wednesday, as the government announced a plan to develop a new passenger jet that the company is expected to help develop.
Kobayashi Pharmaceutical added 0.62 percent to 4,905 yen. The company's shares plunged earlier this week as it faces a growing scare over its health supplements following a recall.

Sumber : AFP