Tokyo stocks closed lower Thursday as investors remained cautious about over-valuation after recent rallies.

The benchmark Nikkei 225 index fell 0.19 percent, or 56.10 points, to 30,236.09, while the broader Topix index was down 1.00 percent, or 19.58 points, at 1,941.91.

Stocks opened higher following another record close on Wall Street, but profit-taking erased early gains in late trading.

“Investors locked in profits as they remained cautious about the recent surge,” said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

“But today’s decline was still seen as a temporary adjustment as positive sentiment remains intact,” Horiuchi told AFP.

The dollar fetched 105.89 yen in Asian afternoon trade, against 105.86 yen in New York.

Honda dipped 1.16 percent to 3,052 yen after reports said Toshihiro Mibe, currently head of research and development, will be promoted to chief executive, while Takahiro Hachigo will step down as CEO.

Toyota dropped 1.86 percent to 8,093 yen and Sony lost 1.63 percent to 12,000 yen, with SoftBank Group down 0.62 percent at 10,340 yen.

AFP