Nikkei drops as much as 2.7 pct, reversing early rise to 8-week high

TOKYO, July 19 Thu Jul 18, 2013 9:46pm EDT

TOKYO, July 19 (Reuters) - Japan's Nikkei share index dropped as much as 2.7 percent on Friday morning, reversing an early rise to an eight-week peak, with traders citing selling of futures led by global macro funds.

The Nikkei was last down 1.9 percent at 14,534.84, after earlier trading as high as 14,953.29.

"It was close to 15,000 this morning. A lot of potential good election news is priced in, so people are coming in to sell futures, probably hedging some upside or something like that," said a senior trader at a foreign bank in Tokyo.

"I think the usual suspects ... could be global macro guys selling futures," he said.

Japan is to hold a national election for parliament's upper house on Sunday.

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