Japanese shares inch lower on profit-taking
By DPA, IANSThursday, January 6, 2011
TOKYO - Japanese stocks edged down in Friday morning trading as investors sold shares to lock in quick profits after the previous day’s surge.
The benchmark Nikkei 225 Stock Average lost 15.39 points, or 0.15 percent, to trade at 10,514.37 while the broader Topix index was down 0.15 points, or 0.02 percent, at 924.36.
On Thursday, the Nikkei jumped some 1.4 percent, surpassing 10,500 for the first time in eight months.
Profit-taking emerged Friday morning after the Dow Jones Industrial Average dipped overnight.
But traders said they did not expect the Nikkei to go down further amid recent optimism about a US economic recovery.
The yen fell slightly against the dollar, hovering around the lower-83 yen level. A weaker yen makes Japanese exports more competitive and improves overseas earnings when the revenues are repatriated.
On currency markets at 9 a.m. (0000 GMT), the dollar traded at 83.30-33 yen, up from Thursday’s 5 p.m. quote of 83.12-13 yen.
The euro traded at 1.2979-2981 dollars, down from 1.3113-3114 dollars Thursday, and at 108.12-16 yen, down from 109.00-04 yen.
