Tokyo: Nikkei retreats from 1-month high as chip stocks track US peers lower

[TOKYO] Japan's Nikkei share average fell on Wednesday (Dec 29), retreating from the previous session's 1-month high, as chip-related stocks followed their US peers lower.

The Nikkei declined 0.56 per cent to 28,906.88 at the close, after touching an intraday high of 29,121.01 on Tuesday (Dec 28), a level not seen since Nov 26.

The broader Topix slipped 0.3 per cent, with the growth-stock index sliding 0.63 per cent, while the value-share index ended flat.

Chipmakers were among the Nikkei's worst performers, with Tokyo Electron's 0.97 per cent retreat the biggest drag by index points. Trend Micro slid 2.99 per cent, while Advantest dropped 1.63 per cent.

Overnight, the tech-focused Nasdaq lost 0.48 percent as US stocks snapped a 4-day rally. The Philadelphia SE Semiconductor Index sank 1.17 per cent.

Uniqlo store-operator Fast Retailing was another notable loser, dropping 0.71 per cent.

The biggest percentage decliner on the Nikkei was brewer Sapporo Holdings, falling 3.79 per cent.

At the other end, J.Front Retailing was by far the biggest percentage gainer on the Nikkei with a 7.4 per cent jump, as the department store operator reported a big increase in customer traffic after a state of emergency was lifted at the end of September.

That boosted peers including Isetan Mitsukoshi Holdings, which rose 0.94 per cent.

SoftBank Group recorded the biggest gain by index points, rising 1.86 per cent.

REUTERS