Nikkei falls on U.S. growth concerns but shows solid gain for June
TOKYO, June 27 (Reuters) - Japan's Nikkei share average fell to its lowest level in 1-1/2-weeks on Friday as investors took profits from its recent rally, and as concerns about U.S. economic growth and a stronger yen hurt overall sentiment. The Nikkei was down 1.6 percent at 15,070.53 points in early afternoon trade after slipping to as low as 15,027.31, its lowest intraday level since June 18. For the week, the index looked set to shed 1.8 percent, but gained 3.1 percent for the month. Traders said that investors placed futures sell orders during lunchtime as they wanted to pocket profits before the weekend, which triggered selling in the cash market. "Investors are concerned about signs that the market is overbought, and there are major economic data to be released next week especially after the weak U.S. consumer data soured the mood," said a senior trader at a foreign brokerage. Next week, a slew of global economic data will be released including factory surveys as well as U.S. jobs data on Thursday. The broader Topix dropped 1.1 percent to 1,249.75, while the new JPX-Nikkei Index 400 slipped 1.1 percent to 11,361.77. (Reporting by Ayai Tomisawa; Editing by Kim Coghill)
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