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Tokyo's Nikkei index down more than 1%


[TOKYO] Tokyo's benchmark Nikkei index lost more than 1.0 per cent on Friday as investors locked in profits following the previous day's rally.

The Nikkei 225 index fell 1.05 per cent or 236.67 points to 22,250.25. Over the week, it edged up 0.03 per cent in volatile trade.

The broader Topix index was down 0.49 per cent or 8.27 points at 1,672.98, but rose 0.85 per cent from a week earlier.

Investors cashed in after the Nikkei index jumped more than 1.8 per cent 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.

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"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 yen in Asian afternoon trade from 114.07 yen in New York late Thursday but was still higher than the 112-yen level a week ago.

Nissan was down 0.29 per cent at 1,027 yen after it reported a 10.9 per cent drop in net profit for the six months to September at 246.3 billion yen.

Toshiba dropped 2.38 per cent to 3,685 yen 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 per cent at 930 yen after it reported a better-than-expected operating profit of 43.9 billion yen for the third quarter to September.

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


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