Tokyo Stocks Turn Down on Profit-Taking in Morning

   Tokyo, Aug. 14 (Jiji Press)--Tokyo stocks turned lower Thursday morning, with many issues succumbing to profit-taking following the key Nikkei 225 and TOPIX indexes' six-session rallies through Wednesday.
   The Nikkei finished the morning at 42,726.63, down 548.04 points, or 1.26 pct, from Wednesday's closing. The TOPIX fell 31.87 points, or 1.03 pct, to 3,060.04. The Nikkei posted a record closing high on Tuesday and Wednesday.
   All major U.S. stock indexes climbed Wednesday on the back of growing expectations for an early interest rate cut by the U.S. Federal Reserve.
   However, selling hit many Japanese stocks Thursday morning due to investor concerns over the market's recent rapid advance. The Nikkei gained nearly 3,000 points in the past six trading days. "The market is in a state of overheating in the short term," an official at a Japanese securities firm said.
   The appreciation of the yen against the dollar also spurred selling, brokers said. The dollar stood at 146.69-70 yen at noon, against 147.53-53 yen at 5 p.m. Wednesday. The yen's rise came after U.S. Treasury Secretary Scott Bessent made a remark urging the Bank of Japan to raise its policy interest rate to deal with inflation in Japan.

(2025/08/14-12:34)

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