Japanese shares fell in Thursday morning trading as investors sold shares to lock in immediate gains after the previous day’s surge.
The benchmark Nikkei 225 Stock Average lost 100.57 points, or 1.03 per cent, to trade at 9,694.67 while the broader Topix index was down 12.18 points, or 1.4 per cent, at 858.55.
Export—oriented issues were dragged down by a stronger yen. A stronger yen makes Japanese exports less competitive and hurts overseas earnings when the revenues are repatriated.
The Nikkei soared 2.7 per cent on Wednesday, bolstered by a better—than—expected earnings report from U.S. company Intel Corp.
Meanwhile, the International Monetary Fund on Wednesday said Japan needed major structural reforms to boost domestic demand, employment and productivity if it hoped to survive an “unprecedented” round of planned budget cuts over the coming years.
On currency markets at 9 am (0000 GMT), the dollar traded at 88.31—36 yen, down from Wednesday’s 5 pm quote of 88.85—86 yen.
The euro traded at 1. 2733—2736 dollars, up from 1.2715—2717 dollars Wednesday, and at 112.45—47 yen, down from 112.97—113.01 yen
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