Japan’s Nikkei drops through 40,000 as new fiscal year begins


TOKYO: Japan's Nikkei stock average fell sharply on Monday and fell below the key 40,000 mark. investors sold shares To book profits on the first day of the country's financial year.
The Nikkei fell 1.5% to 39,765.22 by the afternoon break after opening 0.7% higher. The broader Topix was down 1.88% at 2,716.47.
“Institutional investors usually sell stocks to book profits on the first day of the fiscal year,” said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.
The Nikkei is up 19% in 2024 and hit a record high after hitting the 40,000 mark in March, after rising 54% since the start of 2023.
Chip-related Tokyo Electron and Advantest fell 3.34% and 4.14% respectively, becoming the biggest losers on the Nikkei.

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