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Japanese stocks are down from their highest level in 33 years

May 23, 2023

stock movements

The Nikkei index started the day strong and hit a new high of 31,352.53 points, a level last recorded in August 1990.

But it pared gains after the lunch break, with more investors selling shares to take profits.

The declines followed quickly, pushing the index down 0.83%, before ending the session down 0.42% at 30,957.77 points.

Shares of Toyota Motor plunged 4.77% in the final minutes of trading, becoming the biggest loser in the Nikkei index.

The broader Topix index also fell, by 0.66%, to 2,161.49 points.

Chipmaking equipment giant Tokyo Electron fell 2.57%, while Advantest fell 1.67%.

But there were more resilient chip-related stocks, such as Trend Micro and Renesas Electronics, which were among the biggest gainers on the Nikkei index, rising 2.94 and 2.21% respectively.

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Arab Desk

Arab Desk

The Arab Desk leads The Eastern Herald's reporting on the Middle East and North Africa. The desk has covered the Gaza-Israel war since October 2023, the Iran-Israel war of 2025-2026, the fall of the Assad government in Syria, Hezbollah's political and military shifts in Lebanon, the war in Yemen, and the diplomatic realignment of the Gulf states under the Abraham Accords and the Saudi-Iranian rapprochement.

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