December 15, 2016 / 2:45 AM / 2 years ago

Nikkei turns negative on profit-taking from 7-day rally

TOKYO, Dec 15 (Reuters) - Japan’s Nikkei share average edged down in choppy trade just before the lunchbreak on Thursday as investors took profits from the seven-day rally after pricing in the U.S. Federal Reserve’s decision to raise rates for the first time in a year.

The Nikkei dropped 0.2 percent to 19,225.24 at the midday break after rising as high as 19,436.90 in morning trade.

The Nikkei early gains resulted from the dollar’s surge against the yen after the Fed raised rates for the first time in a year and signalled further hikes could come at a faster pace than the market had expected. Japan’s major exporters benefit from a weaker yen.

The Topix was flat at 1,538.99 by midday, after turning positive on the year earlier. In early trade, the Topix traded above 1,547.30, the closing price of the last trading day of 2015.

The JPX-Nikkei Index 400 was also flat at 13,774.68.

Reporting by Ayai Tomisawa; Editing by Simon Cameron-Moore

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