Nikkei slips on yen strength, US jobs data awaited

Published 10/08/2010, 02:11 AM
Updated 10/08/2010, 03:16 AM

TOKYO, Oct 8 (Reuters) - Japan's Nikkei average fell 1 percent on Friday, hurt by the yen trading near a 15-year peak against the dollar and by profit-taking after the Bank of Japan's policy easing this week had driven stocks higher.

Investors were also keen to unwind positions ahead of key U.S. payroll data later in the day, which may provide clues as to whether the Federal Reserve will resume quantitative easing, and ahead of a three-day weekend in Japan.

The benchmark Nikkei ended the day down 95.93 points at 9,588.88, speeding up its fall as it headed into the close.

The broader Topix fell 0.8 percent to 839.44.

Despite its softness on Friday, the Nikkei gained 2 percent on the week, its best weekly performance since mid-September, as investor confidence improved after the BOJ on Tuesday cut interest rates to virtually zero and pledged to pump more funds into the struggling economy. (Reporting by Aiko Hayashi; Editing by Chris Gallagher)

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