Nikkei falls on U.S. growth concerns but shows solid gain for June

Fri Jun 27, 2014 12:55am EDT

TOKYO, June 27 (Reuters) - Japan's Nikkei share average fell
to its lowest level in 1-1/2-weeks on Friday as investors took
profits from its recent rally, and as concerns about U.S.
economic growth and a stronger yen hurt overall sentiment.
    The Nikkei was down 1.6 percent at 15,070.53 points
in early afternoon trade after slipping to as low as 15,027.31,
its lowest intraday level since June 18.
    For the week, the index looked set to shed 1.8 percent, but
gained 3.1 percent for the month.
    Traders said that investors placed futures sell orders
during lunchtime as they wanted to pocket profits before the
weekend, which triggered selling in the cash market.
    "Investors are concerned about signs that the market is
overbought, and there are major economic data to be released
next week especially after the weak U.S. consumer data soured
the mood," said a senior trader at a foreign brokerage.
    Next week, a slew of global economic data will be released
including factory surveys as well as U.S. jobs data on Thursday.
    The broader Topix dropped 1.1 percent to 1,249.75,
while the new JPX-Nikkei Index 400 slipped 1.1
percent to 11,361.77.

 (Reporting by Ayai Tomisawa; Editing by Kim Coghill)
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