Nikkei gives up its highest level in 34 years

Japan’s Nikkei index rose at the close on Friday, moving away from its highest level in 34 years, as investors sold shares to take profits.

According to Reuters, the Nikkei rose 0.09% to 36,897.42 points after jumping as much as 1.15% to 37,282.26 points, its highest level since February 1990.

“Investors wanted to sell stocks with the Nikkei index reaching 37,000 points,” said Shuji Hosui, chief analyst at Daiwa Securities. The pace of gains was very rapid.”

SoftBank Group shares jumped 8.72%, rising for the second session in a row, after the technology investment company returned to profitability for the first time in five quarters.

Fast Retailing, which owns the Uniqlo brand, fell 0.92 percent, and had the greatest impact on the index.

The broader Topix index gave up its early gains, falling 0.19% to 2,557.88 points, affected by a 0.81% drop in Toyota Motor shares.

Nissan Motor shares fell 11.56% after the automaker lowered its sales volume expectations in the current fiscal year and amid concerns about its business in China.

Of the 225 stocks listed on the Nikkei, 87 rose and 136 declined, with two stocks stable.