TOKYO: Tokyo stocks gave up earlier gains and ended lower Monday as investors grew cautious about possible overheating.

The benchmark Nikkei 225 index fell 0.59 percent, or 197.17 points, to 33,388.03, while the broader Topix index lost 0.77 percent, or 18.45 points, to 2,372.60.

The Nikkei advanced in early trade to touch a level seen more than 30 years ago, as investors cheered strong corporate earnings while they hoped for the US interest rate hikes to end, IwaiCosmo Securities said.

“However, short-term worries about overheating emerged… and the upward momentum did not continue and (the index) ended in losses,” Daiwa Securities said.

Japan’s Nikkei jumps 2% on strong earnings, dovish Fed bets

The dollar fetched 149.15 yen, against 149.64 yen in New York late Friday.

Wall Street stocks concluded a positive last week on a benign note, with the Dow edging up less than 0.1 percent, and the broad-based S&P and the tech-rich Nasdaq both adding 0.1 percent.

This week should be “very quiet” with the Thanksgiving holiday on Thursday in the United States, National Australia Bank senior analyst Tapas Strickland said.

Among major shares in Tokyo, SoftBank Group rose 1.43 percent to 6,160 yen, Shiseido rose 1.53 percent to 4,320 yen and IT and electronics firm NEC added 1.09 percent at 8,263 yen.

Shipping firm Nippon Yusen fell 0.74 percent to 3,770 after the company confirmed a car carrier it operates was seized in the Red Sea.

The confirmation came after Yemen’s Iran-backed Huthi rebels said on Sunday they had seized an Israeli ship in the Red Sea, a claim immediately denied by Israel.

Toyota fell 3.89 percent to 2,780 yen. Sony Group was down 1.18 percent at 12,930 yen.