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Japan Nikkei hits 1-week low as steel, exporters sold

Wed May 21, 2008 10:07pm EDT

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(Updates to midmorning)

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TOKYO, May 22 (Reuters) - Japan's Nikkei share average slid 1.2 percent to a one-week low on Thursday, pressured by exporters such as Canon Inc (7751.T), which slid on a weaker dollar as Wall Street tumbled on worries about U.S. inflation and oil surged above $135 a barrel.

JFE Holdings Inc (5411.T) and other steelmakers, which supported the market's gains earlier this week, slid as investors locked in profits.

Trading houses were hit by profit-taking as well after their recent surges on high commodities prices.

The Nikkei .N225 lost 164.03 points to 13,762.27, its lowest since May 13. The broader Topix was down 0.9 percent at 1,357.88. (Reporting by Elaine Lies)

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