Japan shares retreat after 5-day rally

Japan’s Nikkei fell as the yen strengthened against the dollar, while retailer Seven & I Holdings jumped 23% after receiving a takeover offer.

The Nikkei closed down 1.77% at 37,388.62, snapping a five-day winning streak that had seen the index rise 8.7% last week, Reuters reported.

“The Nikkei was expected to fall this week after its sharp rally, but the yen’s gains against the dollar during the session have accelerated the move,” said Fumio Matsumoto, senior analyst at Okasan Securities.

“Today’s moves suggest the market will remain volatile for some time,” he added.