Nikkei slips, market seeks more clues on U.S. economy
TOKYO, Jan 16 (Reuters) - Japan's Nikkei average edged down on Thursday, erasing earlier gains on profit-taking as investors wanted to see more U.S. economic data before chasing the market higher. The Nikkei ended 0.4 percent lower at 15,747.20, after rising as high as 15,941.08 in earlier trade. Traders said the market was pressured by profit-taking after Nikkei futures hit their immediate resistance level of 15,950. They added that investors wanted to see more U.S. economic figures including housing data for clues on how fast the U.S. Federal Reserve will scale back its stimulus. But some stocks bucked the weakness, with traders citing long-buying by foreign investors in such stocks as Murata Manufacturing Co and Nidec Corp, which gained 1.2 percent and 2.4 percent, respectively. The broader Topix ended nearly flat at 1,294.39. The JPX-Nikkei Index 400, a recently introduced gauge comprised of firms with high return on equity and strong corporate governance, was flat at 11,683.77.