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Nikkei Eases off 2912Year High on ProfitTaking

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TOKYO, Dec 7 Reuters Japan shares closed lower on Monday, with the Nikkei pulling back from a more than 2912year high, as five straight weeks of gains raised some concerns of an overheating market and spurred investors to book profits.

The Nikkei index fell 0.76 to 26,547.44, after hitting its highest level since April 1991 at the open. The broader Topix lost 0.86 to 1,760.75.

Tokyo stocks initially tracked positive cues from Wall Streets Friday session before reversing course on profittaking.

Major U.S. stock indexes rose to alltime highs last week as downbeat U.S. jobs data raised expectations for a new fiscal relief bill.

Back home, Prime Minister Yoshihide Suga said he would decide on an economic stimulus package early this week, adding that green and digital initiatives would be core to the recovery from the coronavirus pandemic.

Local stocks have been prone to profitbooking due to persistent concerns of an overheating market, some market participants said.

Other headwinds for the market included rising coronavirus cases in Japan and falls in U.S. stock futures on the back of growing concerns over tensions between China and the United States.

Reuters exclusively reported, citing sources, that the United States was preparing sanctions on Chinese officials over their alleged role in Beijings disqualification of elected opposition legislators in Hong Kong.

Among the Topix 30 underperformers, ShinEtsu Chemical Co Ltd fell 2.62 and Nidec Corp lost 2.22.

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