Japanese shares retreat as market overheated

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Source: Dukascopy Bank SA
Japanese stocks declined on Tuesday, tumbling down from its 19-month high after a technical indicator showed the market is too overheated. Nikkei 225 lost 0.3% today to close at 12,314.81 points. Technology and telecommunications shares rose the most by 1.2% and 0.7%, respectively. TDK Corp surged 5.4% to 3,415 yen and posted the biggest surge among all blue chip companies. Panasonic Corp, an electronics manufacturer, grew 4.6% to 701 yen on news the company is going to appoint its first female director. Nippon Steel & Sumitomo Metal Corp closed the top three with a 4.4% rally to end at 261 yen. Consumer services and oil and gas groups dragged down the gauge, as they retreated 1.5% and 1.7%, respectively. Shinsei Bank Ltd shrank 4.1% to 235 yen after posting gains yesterday. Fujikura Ltd, a producer of devices for optical fibers, slipped 3.75%, capping further increase in basic materials sector that added 0.04%.

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