Tokyo stocks close lower
Market watch top headlines
TOKYO, Jan 28 AFP
January 28 2013, 6:08PM
Tokyo stocks have closed 0.94 per cent lower.
Investors locked in profits on Monday after the benchmark Nikkei 225 index briefly jumped past the 11,000 mark for the first time in nearly three years.
The Nikkei slipped 102.34 points to 10,824.31 after a weaker yen helped it push past 11,000 for the first time since April 2010. The Topix index of all first-section shares was down 0.36 per cent, or 3.31 points, to 913.78.
Yoshihiro Okumura, general manager at Chibagin Asset Management, said the dollar's rise above Y91 and the Nikkei hitting the 11,000 mark provided incentives to sell.
"The market has come too far too fast to allow cash to sit on the table," he told Dow Jones Newswires. "At some point, investors have to lock in gains or risk getting burned."
A weakening yen has been a key contributor to Tokyo's recent rally as it helps exporters.
In Tokyo forex trade the dollar bought Y91.02, up from Y90.87 in New York on Friday, while the euro was at Y122.55 from Y122.28 in US trade.
Against the dollar, the single currency was nearly flat at $1.3461.
In stock trading, Takeda Pharmaceutical rose 1.42 per cent to Y4,615 after the firm's diabetes drug won US Food and Drug Administration approval. Retailer Seven & i Holdings, which operates 7-Eleven convenience stores in Japan, was up 3.09 per cent at Y2,794.
Industrial robotics maker Fanuc dropped seven per cent to Y13,550 after revising down its full-year financial outlook, as Japan's corporate earnings seasons gets under way this week.
Sony jumped 9.06 per cent to Y1,407 on the weak yen and after Merrill Lynch Japan raised its target price on the stock, while Osaka-listed videogame giant Nintendo was up 3.43 per cent at Y9,630.