CORRECTED-Nikkei hits 1-week low as US jobs data lifts yen; NTT tumbles on profit cut
(Corrects Nikkei level in the second paragraph) * NTT tumbles to 1-week low on poor earnings outlook * Asics jumps on strong outlook By Ayai Tomisawa TOKYO, Nov 10 (Reuters) - Japanese stocks retreated to a one-week low on Monday morning as the yen rebounded against the dollar after U.S. jobs data fell short of expectations, while Nippon Telegraph and Telephone Corp sold off heavily on a profit warning. The benchmark Nikkei share average dropped 0.8 percent to 16,752.04 after falling to as low as 16,713.37, the weakest level since Oct. 31. NTT tumbled 6.4 percent to a two-week low after the telecommunication company cut its full-year operating profit outlook to 1.095 trillion yen from 1.215 trillion yen, hit by its weak mobile phone business. It was the fourth-most traded stock by turnover. Traders said that the Nikkei is likely pull back further this week given the sharp rally since Oct. 31, thanks to the Bank of Japan's surprise move to ease policy further and a decision by the Government Pension Investment Fund to increase its allocation of funds to domestic stocks. Foreigners, who were net sellers in Japanese futures for the past five weeks, bought a total of 831.7 billion yen ($7.21 billion) worth of Japanese futures during Oct. 27-31, according to data provided by the Osaka Exchange. It was the biggest purchase on record, Nomura Securities said. "Given the extremely aggressive buying recently, the market is prone to profit-taking," said Hiroyuki Nakai, senior executive director at Tokai Tokyo Research Center. "Investors seem to be satisfied after the Nikkei traded above the 17,000-mark and the dollar rose above 115 yen," Exporters languished after the dollar slid to 114.45 yen from a seven-year high of 115.60 after U.S. jobs data missed forecasts. Toyota Motor Corp dropped 1.2 percent, Honda Motor Co shed 0.6 percent and Advantest Corp fell 0.5 percent. Sneaker manufacturer Asics Corp rose as much as 7.1 percent after it hiked its net profit outlook for the year ending December to 20 billion yen from previously forecast 17.5 billion yen. The broader Topix shed 0.3 percent to 1,359.87, and the JPX-Nikkei Index 400 declined 0.3 percent to 12,405.95. (Editing by Shri Navaratnam)
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