On Thursday, investors booked profits from the previous session’s sharp gains, causing Japan’s Nikkei share average to reverse course and trade lower.

The Nikkei rose 2.6% on Wednesday to a three-week closing high, but as of 0200 GMT, it was down 0.33% at 39,349.23.

Following Wall Street’s historic overnight close following Republican Donald Trump’s victory in the 2024 U.S. presidential election, the benchmark increased by as much as 1% earlier in the day.

Trump’s win caused the dollar to surge sharply, sent stocks skyrocketing, and hurt bond prices.

According to Takehiko Masuzawa, trading head at Phillip Securities Japan, “Nikkei’s reversal indicated that the sharp gains in the previous session were led by short-term investors who bet on a rally on Trump trades.”

Fast Retailing, the owner of the Uniqlo brand, dropped 2.52% to become the Nikkei’s largest drag. Tokyo Electron, a manufacturer of chip-making equipment, saw a 2.5% decline.

Nitori Holdings, a manufacturer and retailer of home interior goods, fell 5.57%.

With Toyota Motor up 4.27%, the overall Topix increased 0.91% to 2,740.54.

As bond yields increased, financials saw gains, with Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group rising 1.99% and 2.68%, respectively.

Tokio Marine Holdings, an insurer, saw a 2.8% increase.

Honda Motor saw a 0.07% increase after a 6.4% decline in the previous session.

One stock traded flat, 69 stocks fell, and 155 stocks rose among the 225 Nikkei components.