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Nikkei Retreats as Chip Stocks Track U.S. Peers Lower

TOKYO, Dec 29 (Reuters) - Japan's Nikkei share average fell on Wednesday, retreating from the previous session's one-month high, as chip-related stocks followed their U.S. peers lower.

The Nikkei declined 0.89% to 28,809.86, after touching an intraday high of 29,121.01 on Tuesday, a level not seen since Nov. 26.

The broader Topix slipped 0.51%, with the growth-stock index sliding 0.92%, compared to just a 0.07% decline for the value-share index.

Chipmakers were the Nikkei's biggest decliners, with Trend Micro's 3.89% slide the largest percentage decline, while Tokyo Electron's 1.68% retreat was the biggest drag by index points. Advantest dropped 2.53%.

Overnight, the tech-focused Nasdaq lost 0.48% as U.S. stocks snapped a four-day rally. The Philadelphia SE Semiconductor Index sank 1.17%.

Uniqlo store-operator Fast Retailing was another notable loser, dropping 1.24%.

At the other end, J.Front Retailing was by far the biggest percentage gainer on the Nikkei with an 8.22% jump as the department store operator reported a big increase in customer traffic after a state of emergency was lifted at the end of September. That lifted peers including Isetan Mitsukoshi Holdings, which rose 2.23%.

SoftBank Group recorded the biggest gain by index points, rising 1.88%.

Editing by Subhranshu Sahu

Source: Reuters

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