Nikkei slips by mid day

Tuesday, April 23, 2019

Japanese shares dipped today as investors took profits on such recent gainers such as Fast Retailing and Yaskawa Electric, offsetting gains in oil shares which rallied after the U.S. abruptly moved to end all Iran sanctions waivers, Reuters reports.

The Nikkei share average was down by 0.3 percent at 22,159.78 points by mid morning, after opening slightly higher.

Index-heavyweight Fast Retailing dropped 3.1 percent after it hit a record high on Monday and Yaskawa Electric tumbled 4 percent after it rose to a level not seen since last June.

Traders said that investors had chased cyclical stocks higher over the past few weeks as risk sentiment recovered on better-than-expected Chinese economic data.