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Nikkei down, nervous investors take profits pre-BOJ

Thu Oct 30, 2008 10:09pm EDT

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(Updates to midmorning)

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TOKYO, Oct 31 (Reuters) - Japan's Nikkei average slipped 2.7 percent on Friday as investor nervousness before a Bank of Japan rate-cut decision led to profit taking, with carmakers like Honda Motor Co (7267.T) hit by gloom about their earnings prospects. Thoughexpectations are high that Japan's central bank will join the wave of global rate cuts by countries including the United States and China, investors still moved to lock in profits after the Nikkei surged 10 percent on Thursday.

The benchmark Nikkei .N225 shed 245.64 points to 8,784.12 after earlier losing more than 3 percent. The broader Topix was down 1.7 percent to 883.88 after earlier falling more than 2 percent. (Reporting by Elaine Lies)

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