Nikkei drops as investors grow uneasy about dimming economic prospects

miércoles 27 de agosto de 2014 22:47 GYT
 

* Long only funds absent - analyst
    * Topix trading value falling below 2 trillion yen for past
13 days

    By Ayai Tomisawa
    TOKYO, Aug 28 (Reuters) - Tokyo stocks fell on Thursday
morning as concerns about Japan's economic recovery pushed
investors to the sidelines as they waited for another batch of
key data on Friday.
    The Nikkei share average dropped 0.5 percent to
15,453.75 in the morning session, after a modest 0.1 percent
increase on the previous day.
    Low participation in the market, partly due to a lack of
catalysts, has seen trading value on the Tokyo Stock Exchange's
first section falling below 2 trillion yen in the last 13
sessions.
    Market players said investors appear reluctant to take large
positions in the Japanese market due to concerns over
disappointing economic data.  
    On Friday, markets will get another chance to gauge economic
activity when Japan releases retail sales data, consumer price
figures and jobs data.
    "Long-only funds are absent now," said Norihiro Fujito, a
senior investment strategist at Mitsubishi UFJ Morgan Stanley
Securities. "They are concerned that Japan's macro data has
shown weakness."
     Bellwether exporters lost ground, as the dollar was little
changed against the yen at 103.89, having pulled back
from a seven-month peak of 104.49 struck at the start of the
week.
    Toyota Motor Corp shed 0.9 percent, Nissan Motor Co
 dropped 0.6 percent and Komatsu Ltd slid 0.6
percent.
    Wall Street's resilience, receding geopolitical tensions and
a largely upbeat earnings season helped the Nikkei rise for nine
straight sessions from August 11 to three-week highs. 
    In has since pulled back, coinciding with growing doubts on
whether Japan's economy can weather a recent sales tax hike. 
    A recent string of data, including disappointing second
quarter gross domestic product and private consumption, has
added to a sense of caution 
    A handful of other index heavyweight stocks also languished
on Thursday, with Fast Retailing Co falling 1.1 percent
and KDDI Corp dropping 1.2 percent. 
    The broader Topix declined 0.5 percent to 1,279.08,
and JPX-Nikkei Index 400 fell 0.6 percent to
11,617.98.
    
    

 (Editing by Shri Navaratnam)