Investors are cautious after the Nikkei hit a 33-year high.
(Photo: imago images/VWPics)
Singapore, Frankfurt, Tokyo The Japanese stock index Nikkei fell from its high on Tuesday. In the previous session, the leading Japanese index had reached a 33-year high. The Nikkei was down 1.08 percent to 33,389.28 by midday after closing at 33,753.33 on Monday, the highest since March 1990. A stock market holiday in the US contributed to investor caution in Asia.
“With the Nikkei tumbling today and the U.S. market holiday, it’s hard to expect investors to be proactive about new positions,” said Maki Sawada, strategist at Nomura Securities taken away.
The Tokyo stock exchange was initially weaker on Tuesday. The Nikkei index, which comprises 225 values, was 0.9 percent lower at 33,447 points. The broader Topix index fell 0.6 percent to 2307 points.
The Shanghai Stock Exchange was unchanged. The index of major companies in Shanghai and Shenzhen has been flat.
China imposes controls on the export of rare metals
China wants to control exports of some rare metals widely used in the semiconductor industry. The Chinese Ministry of Commerce said on Monday that the controls effective from August 1 are designed to protect national security and national interests.
Exporters of gallium and germanium would have to apply for special export licenses. Anyone who exports the metals without a license will be punished.
The US had previously imposed restrictions on exports of high-performance chips to China due to security concerns. According to a newspaper report, the US Department of Commerce is also considering tightening licensing regulations for the export of special chips for artificial intelligence (AI) to China.
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