Nikkei average retraces after setting new 34-year high above 36,200

Japan’s benchmark 225-issue Nikkei stock average briefly surged to a fresh 34-year high above 36,200 on Wednesday before erasing gains to finish lower.

The Nikkei average closed down 141.43 points, or 0.40%, from the previous day at 35,477.75 after climbing as high as 36,239.22 — its highest level since February 1990 — as a weaker yen buoyed the outlook for corporate profits, overshadowing the impact from overnight Wall Street declines and disappointing Chinese economic data.

The broader Topix index fell 7.60 points, or 0.30%, to 2,496.38.