Nikkei down 0.29 pct, snaps 5-day rising streak
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By Aiko Hayashi
TOKYO, Feb 16 (Reuters) - The Nikkei average .N225 fell 0.29 percent on Friday, retreating from a five-session rising streak, as investors locked in profits in recent gainers such as Mitsubishi Estate Co. Ltd. (8802.T) and on worries about a stronger yen.
Shares of Sapporo Holdings (2501.T) were swamped with buy orders after activist hedge fund Steel Partners said it was considering a tender offer for the beer maker.
"Investors are taking profits following stronger-than-expected economic growth and on worries about a stronger yen, but their trade is based on individual news," said Zenshiro Mizuno, senior managing director at Marusan Securities.
GDP data on Thursday showed that Japan's economy expanded in the October-December quarter at an annualised pace of 4.8 percent, beating market expectations for growth of 3.8 percent.
"Investors including retail investors have accumulated an ample amount of risk money on the recent rise in the market, and that is making them react to each piece of news."
The dollar hovered near a one-month low against the yen on Friday. The dollar was trading at 119.37 yen JPY= as of 0228 GMT.
The Nikkei .N225 ended the morning down 52.25 points at 17,844.98. The benchmark booked its highest close since early May 2000 on Thursday at 17,897.23, just 0.6 percent below the psychologically important 18,000 mark.
The broader TOPIX index fell 0.37 percent to 1,770.09. The index rose 0.65 percent to 1,776.71 in the previous session, its highest close since April 2006.
Trade was less active with 1 billion shares changing hands on the Tokyo exchange's first section, below last week's morning average of 1.1 billion shares.
Declining shares outnumbered advancers by 963 to 595.
INVESTORS TAKING PROFITS, SAPPORO UNTRADED
Among recent gainers that were sold, Mitsubishi Estate shed 3 percent to 3,590 yen and Sumitomo Realty & Development Co. Ltd. (8830.T) lost 1.5 percent to 4,720 yen.
Steel Partners Japan Strategic Fund (Offshore) L.P. said on Thursday it is seeking management approval to raise its stake in Sapporo to 66.6 percent of the company's voting rights.
"This will certainly drive the focus of the market to mergers and acquisitions," said Tsutomu Yamada, market analyst at kabu.com Securities.
The proposal comes ahead of a board meeting on Friday at which the beer maker is scheduled to decide on whether to keep anti-takeover measures. [nT25939]
Bids are indicated at 891 yen, 13 percent higher than Thursday's closing level.
Asahi Breweries Ltd. (2502.T) on Friday denied a newspaper report it has proposed a business integration with Sapporo.
Asahi was up 1.7 percent at 1,985 yen, and other rival Kirin Brewery Co. Ltd. (2503.T) rose 4.3 percent to 1,913.
