TOKYO: Tokyo stocks slipped 0.31 percent on Friday morning; a day after hitting a more than seven-year high, despite gains in US and European markets that came on news of a Ukraine ceasefire deal.
The benchmark Nikkei 225 at the Tokyo Stock Exchange fell 55.7 points to 17,923.95 by the break, while the Topix index of all first-section shares was flat, inching up 0.79 points to 1,450.18.
On Thursday, the Nikkei ended at its highest level since July 2007, boosted by a weak yen and upbeat machinery orders data.
But the yen strengthened in Friday trade, which is a negative for shares of Japanese exporters as it erodes the value of their repatriated overseas income.
“We had a big gain yesterday and there’s a sense of accomplishment after the Nikkei 225 reached 18, 000,” Juichi Wako, a senior strategist at Nomura Holdings, told Bloomberg News.
“The dollar’s falling again after the yen hit 120 against it. With the problems in Ukraine and Greece yet to be completely resolved, it’s difficult to keep buying.”
The greenback bought 118.93 yen, slightly down from 118.97 yen in New York and well off 120.27 yen in Tokyo earlier Thursday.
