Nikkei falls 0.86% from seven-year high

Japanese share market closed weaker on Thursday, 06 November 2014, registering first drop in six consecutive sessions, as profit booking spurred in afternoon amid speculation recent rally was excessive. Most of the blue chips declined, with shares of real estate companies and power producers led losses. Meanwhile, volatile dollar also compelled to take profits in exporters and other yen-sensitive shares. The benchmark Nikkei Stock Average declined 0.86%, or 144.84 points, to 16792.48.

The benchmark index rose more than 10% over the previous five sessions. Most of those gains came on the back of a second round of quantitative easing from the Bank of Japan and a shift by the 1.2 trillion yen Government Pension Investment Fund into an equity-heavy asset portfolio--both of which were announced Friday.

 

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