By RTT News,
December 19, 2013, 09:22:00 PM EDT
(RTTNews.com) - The Japanese stock market is trading weak on Friday with investors indulging in some profit taking after the previous session's strong upmove that saw the benchmark Nikkei 225 Index hitting its highest close since December 2007. Investors appear to be waiting for the outcome of the Bank of Japan's two-day policy meeting that ends later in the day.
The overnight flat close on Wall Street a lack of fresh triggers from the home front are also contributing to the weakness in the market. However, the yen's continued weakness against the U.S. dollar is limiting the downside to an extent.
The Nikkei 225 index, which declined to 15,766.2, is currently trading at 15,781.4, down 77.8 points or 0.5 percent from its previous close.
Nissan Motor, Japan Tobacco, Nippon Paper Industries, KDDI Corp., Dai-ichi Life Insurance, Sharp Corp., Terumo Corp., Sumco Corp. and Shiseido Co. shares are down 2 to 3 percent.
Advantest Corp. ( ATE ), Shionogi & Co., Citizen Holdings, Astellas Pharma, Pioneer Corp., Isuzu Motors, Pioneer Corp., TDK Corp., Marui Group, JX Holdings and Konami Corp. are all trading lower by 1 to 2 percent.
Among the gainers, Sumitomo Osaka Cement, Toto Co. and Fujitsu are up 2 to 2.4 percent. Yokohama Rubber, Nisshin Steel Holdings, Amada Co., Sekisui House, Ebara Corp. and Nippon Yusen KK are trading higher by 1 to 1.8 percent.
In the currency market, the U.S. dollar hovered around 104.25 yen in early deals in Tokyo. The yen is currently trading at 104.33 against the U.S. dollar, after weakening to 104.42.
Among other markets in the Asia-Pacific region, Australia and South Korea are trading notably higher. Hong Kong, Taiwan and Singapore are up marginally, while Shanghai, Malaysia and New Zealand are trading slightly lower.
On Wall Street, stocks closed roughly flat on Thursday after turning in a lackluster performance, with traders refraining from making significant moves after the previous session's sharp upmove. A batch of disappointing economic data too weighed on the market to an extent.
The major averages eventually ended the day mixed, with the Dow posting a modest gain. The Dow inched up 11.1 points or 0.1 percent to 16,179.1, while the Nasdaq dipped 11.9 points or 0.3 percent to 4,058.1 and the S&P 500 edged down 1.1 points or 0.1 percent to 1,809.6.
Major European markets ended higher on Thursday. While the U.K.'s FTSE 100 index surged up by 1.4 percent, the French CAC 40 index and the German DAX index soared by 1.6 percent and 1.7 percent, respectively.
U.S. crude oil ended higher on Thursday, on improved demand outlook and after the U.S. Federal Reserve decided to slash its monthly bond-buying program by $10 billion, following its two-day policy review meet on Wednesday.
Crude for February delivery, the most actively traded contract, gained $0.98 or 1.0 percent to close at $99.04 a barrel on the New York Mercantile Exchange.
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