Nikkei slips from 7-week highs, big banks fall
Friday, 18 December 2009
TOKYO, Dec 17 (Reuters): Japan's Nikkei average ended down 0.1 per cent Thursday, slipping from seven-week highs hit earlier in the day, as investors pocketed profits on a rally in big banks such as Mitsubishi UFJ Financial Group.
But Mazda Motor Corp rose after the Yomiuri newspaper reported that Japan's fifth-largest automaker will reach a formal agreement with Toyota Motor Corp by the end of March to work together on hybrid technology.
Trading activity was subdued as investors became increasingly reluctant to take fresh positions as the year-end draws near.
Blue-chip exporters were buoyant for most of the day, drawing support from a rise in the dollar beyond the psychologically key 90 yen level. But many of them trimmed or erased gains as profit-taking set in, traders said.
But Mazda Motor Corp rose after the Yomiuri newspaper reported that Japan's fifth-largest automaker will reach a formal agreement with Toyota Motor Corp by the end of March to work together on hybrid technology.
Trading activity was subdued as investors became increasingly reluctant to take fresh positions as the year-end draws near.
Blue-chip exporters were buoyant for most of the day, drawing support from a rise in the dollar beyond the psychologically key 90 yen level. But many of them trimmed or erased gains as profit-taking set in, traders said.