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Nikkei touches 4-month low but then pares losses

Mon Mar 2, 2009 9:09pm EST

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TOKYO, March 3 (Reuters) - Japan's Nikkei stock average touched a four-month low on Tuesday but later pared losses to 1 percent, with banks such as Mizuho Financial Group (8411.T) down on fear about the U.S. financial system after AIG posted huge losses.

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Though the benchmark slid as far as 7,088.47, its weakest since hitting a 26-year low in October, market players said probable buying by pension funds as well as some bargain-hunting by retail investors had halted falls for now.

The Nikkei .N225 shed 75.26 points to 7,204.89, while the broader Topix fell 1.3 percent to 725.02, briefly touching a 25-year low. (Reporting by Elaine Lies)

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