TOKYO, Jan 20 (Reuters) - Japanese shares retreated from early gains on Wednesday on profit-booking as U.S. Treasury Secretary nominee Janet Yellen's call for big spending was not perceived by investors as surprising.
Asian shares climbed to a record high as Yellen advocated for a hefty fiscal relief package to help the world's largest economy ride out a pandemic-driven slump. there was no fresh reaction in the Japanese market as Yellen's remarks have been reported by media in advance, said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.
"Yellen's speech was fully priced in today's market. Investors are selling shares for profit taking," Ichikawa said.
Tokyo Electric Power 9501.T surged 7.63% as Japan's wholesale electricity prices rose because power providers were desperate for supplies to meet demand for heating in the cold weather. were 120 advancing stocks on the Nikkei index, against 101 decliners.
The largest percentage gainer in the index was Sumitomo Chemical Co 4005.T , which jumped 9.65%.
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