Nikkei retreats from 8-wk high on profit-taking before election

TOKYO, July 19 Fri Jul 19, 2013 2:15am EDT

TOKYO, July 19 (Reuters) - Japan's Nikkei share average dropped in very choppy trade on Friday after climbing to an eight-week peak earlier in the session, with traders citing selling of futures led by global macro funds before the upper house election this weekend.

The benchmark Nikkei fell 1.5 percent to 14,589.91, after trading as low as 14,413.28 and as high as 14,953.29, a level not seen since May 24. Yet the index rose 0.6 percent on the week, its fifth straight weekly gain.

The broader Topix slipped 0.8 percent to 1,211.98.

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