Japan’s Nikkei share average dropped to a two-week low on Wednesday morning, with most sectors in negative territory as investors took profit on a rally that pushed local stocks about 20 percent higher over the past two months.
The Nikkei shed 0.8 percent to 22,207.01 in midmorning trade, after hitting as low as 22,150.63, its weakest level since Nov. 1. The broader Topix dropped 1.2 percent to 1,757.23, with 32 of its 33 subsectors in negative territory.
Traders said foreign investors have taken profits from the rally of the past two months, in which they bought a total of 5.4 trillion yen in Japanese cash stocks and futures, when the Nikkei surged around 20 percent.
Source : Reuters