TOKYO: Japan’s Nikkei share average ended lower on Friday, as investors locked in profits following a four-session climb after US economic data raised bets of an interest rate cut by the Federal Reserve next week.
The Nikkei fell 0.95% to 39,470.44, but gained 1.94% for the week. On Thursday, gains propelled the benchmark index to a two-month high.
The broader Topix fell 0.95% to 2,746.56 but rose 1.68% for the week.
“The overnight weak finish of overseas markets dragged sentiment lower, prompting investors to sell stocks for profit-booking,” said Takehiko Masuzawa, trading head at Phillip Securities Japan. “The market wanted to adjust their positions ahead of the weekend.” The Nikkei crossed the key 40,000 level for the first time since Oct. 15 on Thursday.
Wall Street pulled back overnight, as investors evaluated key economic indicators ahead of the Fed meeting next week.
A US Labor Department report on Thursday showed producer prices rose 0.4% on a monthly basis in November, compared with estimates of a 0.2% climb, as per economists polled by Reuters.
Source: Brecorder
