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Tokyo's Nikkei index down more than 1.0%

Nov 09 2018 11:18

Tokyo's benchmark Nikkei index lost more than 1.0% on Friday as investors locked in profits following the previous day's rally.

The Nikkei 225 index fell 1.05% to 22 250.25, Over the week, it edged up 0.03% in volatile trade.

The broader Topix index was down 0.49% at 1 672.98, but rose 0.85% from a week earlier.

Investors cashed in after the Nikkei index jumped more than 1.8% on Thursday, while a decline in Chinese shares added extra selling pressure, brokers said.

"A weak yen didn't help shares rise, which reflected the current weakness of the market," said Yoshihiro Okumura, general manager at Chibagin Asset Management.

"Volatile trading is expected to continue for now as investors are expected to be cautious about a US-China trade war," Okumura told AFP.

The dollar edged down to ¥113.95 in Asian afternoon trade from ¥114.07 in New York late on Thursday but was still higher than the ¥112 level a week ago.

Nissan was down 0.29% at ¥1 027 after it reported a 10.9% drop in net profit for the six months to September at ¥246.3bn.

Toshiba dropped 2.38% to ¥3 685 after it announced plans to slash 7 000 jobs and liquidate a unit building a UK nuclear power plant.

Online mall operator Rakuten jumped 3.21% at ¥930 after it reported a better-than-expected operating profit of ¥43.9bn for the third quarter to September.

And Toray soared 4.38% to ¥863.6 after it said its net profit rose 2.1% for the six months to September.

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