Nikkei slips after hitting 11-mth high post-election

TOKYO | Sun Aug 30, 2009 10:13pm EDT

TOKYO Aug 31 (Reuters) - Japan's Nikkei average dropped on Monday as a stronger yen sent shares of exporters lower, erasing earlier gains to an 11-month high after an election win by the opposition.

The benchmark Nikkei .N225 dipped 0.4 percent to 10,497.19, after hitting at one point 10,767.00, its highest level since Oct. 6. Market players said the gain had been led by buying of Nikkei futures, sparking short-covering.

The broader Topix .TOPX fell 0.3 percent to 966.09. (Reporting by Aiko Hayashi)

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