Japan's Nikkei edged lower in choppy trade on Thursday morning as investors took profits from its recent rally to a 27-year high, while automakers and tech heavyweights enjoyed the limelight on news of technology tie-ups for self-driving cars.
Toyota Motor Corp surged as much as 2.2 percent after sources told Reuters that the automaker and SoftBank Group Corp would announce a partnership to develop automated driving and other technology on Thursday.
SoftBank surged 3.3 percent.
The Nikkei share average opened higher but dropped 0.2 percent to 24,070.37 in mid-morning trade as market participants reckoned the Nikkei had been overbought in the recent rally. The Nikkei has traded more than 5 percent above its 25-day moving average of late, a sign the market is overbought.
Source : Reuters