From NASDAQ:

Japan’s Nikkei share average slumped on Friday, erasing its gains for the week, as chip-sector shares tumbled in line with U.S. peers. The Nikkei .N225 lost 1.34% to close at 35,751.07, snapping a two-week winning streak with a 0.59% loss.

Profit-taking ahead of the weekend exacerbated declines, with some technical indicators suggesting the rally was too fast. The benchmark index sits about 3.2% above its 25-day moving average.

Tuesday’s peak coincided with the Bank of Japan’s decision to leave stimulus settings unchanged. However, the Nikkei’s 6.83% climb this year eclipses all its major rivals, including the U.S. S&P 500 .SPX, which closed at record highs for three consecutive sessions to take its 2024 gains to 2.61%.

At the same time, breaks below the psychological 36,000-level for the Nikkei are attracting dip buyers. Chip-industry heavyweights Advantest 6857.T and Tokyo Electron 8035.T were the biggest drags on the Nikkei on Friday, followed by AI-focused startup investor SoftBank Group 9984.T. Shares in the companies sagged 5.51%, 2.39% and 2.2%, respectively.



Read more: Japan’s Nikkei drops, erasing gains for week, as chip shares slump