Japan’s benchmark Nikkei 225 briefly touched a record 43,876.42 on Tuesday before surrendering the gain and oscillating between flat and a 0.4% decline. The index last stood near 43,722, while the broader Topix was little changed at 3,121.86 amid choppy trading. Traders cited Wall Street’s muted close overnight and concerns that the rally—up about 6.5% this month—has outpaced fundamentals. Market participants are waiting for signals from the Federal Reserve’s Jackson Hole symposium that begins 21 August, and for any guidance on whether the Bank of Japan might raise interest rates at its September meeting. SoftBank Group, which has surged 39% so far in August, reversed early gains to fall 1.6% after news it will take a US$2 billion equity stake in Intel. Fast Retailing slipped 0.9%, while chip-equipment maker Tokyo Electron advanced 1.8%, cushioning the broader market.