Japan’s Nikkei retreats from record peak due to selling wave

Japan’s Nikkei index fell by more than two percent on Friday, retreating from the unprecedented high level it recorded in the previous session, as technology stocks tracked the decline of their American counterparts, and fears of government intervention to support the currency stimulated a wave of profit-taking selling before the long weekend.

The Nikkei fell 2.45% to 41,190.68 points at the close. The decline of 1,033.34 points was the largest decline for the index this year. The shares of Tokyo Electron, a giant chip manufacturing equipment company, recorded the largest decline in terms of index points, as it fell 6.18%. While Disco stock was the biggest loser after falling 8.77%. This came after a 3.47% decline in the Philadelphia Semiconductor Index last night.

The broader Topix index also fell 1.18% today.