Japan’s Nikkei slips as shares go ex-dividend; Sony Financial surges in debut – News Air Insight

Japan’s Nikkei slipped on Monday for a second consecutive day, retreating from record-high levels reached last week, as numerous stocks lost their dividend entitlements.

The Nikkei 225 Index closed 0.7% lower at 45,043.75, easing from the record-high close of 45,754.93 on Thursday. The broader Topix lost 1.7%.

In a closely watched market debut, Sony Financial jumped 16% after being spun off from Sony Group, whose shares edged 0.2% higher.

Monday marked the ex-dividend date for many Japanese firms, meaning new shareholders won’t receive upcoming dividend payouts. That, along with a strengthening yen and recent market highs, created headwinds for equities, Nomura strategist Maki Sawada said.

“The Nikkei average surged sharply in September, so we might be seeing a pause in that rally,” Sawada said.

There were 26 advancers in the Nikkei against 199 decliners. The biggest decliners were Honda Motor, down 5.2%, followed by Mazda Motor, which slid 4.6%.