|Published : 23 Sep 2016, 10:50:33|
Nikkei slips as investors take profits
Japan's Nikkei share average edged down on Friday morning as investors took profits on financial stocks that had soared in the previous session, and worries about a stronger yen kept the market on edge.
The share market re-opened after a national holiday in Japan on Thursday, when the dollar tumbled to a nearly four-week low of 100.10 yen.
During Asian trade on Friday, the dollar was up 0.4 per cent at 101.13 yen but still poised to shed 1.1 per cent for the week.
The Nikkei fell 0.2 per cent to 16,777.09 in midmorning trade after soaring 1.9 per cent on Wednesday as investors took heart from the Bank of Japan's decision to overhaul its monetary policy.
Mitsubishi UFJ Financial Group dropped 1.2 per cent, Mizuho Financial Group fell 1.6 per cent, and Dai-ichi Life Insurance Co tumbled 4.1 per cent.
Securities stocks underperformed, with Nomura Holdings falling 3.1 per cent and Daiwa Securities shedding 0.5 per cent.
Exporters lost ground, with Toyota Motor Corp dropping 2.8 per cent and Honda Motor Co falling 2.2 per cent.
The broader Topix was down 0.2 per cent to 1,350.00 and the JPX-Nikkei Index 400 declined 0.3 per cent to 12,108.56, according to a news agency.