Nikkei down 1 pct as tech stocks fall on Wall St.
(Updates to late morning)
TOKYO, April 12 (Reuters) - The Nikkei share average fell 1.09 percent on Thursday with technology shares such as Advantest Corp. (6857.T) down following a fall in similar U.S. stocks and concerns about the U.S. economic outlook, a key market for Japanese goods.
The Japanese market is largely steered by moves in Nikkei futures as investors try to adjust positions before the settlement of Nikkei options on Friday, said Masayoshi Okamoto, head of dealing at Jujiya Securities.
"But the downward revision of the U.S. gross domestic product forecast may be giving the manufacturing industry here a warning that the U.S. economy may be slowing down in the mid- to long-term," he said.
On Wednesday, the International Monetary Fund lowered the forecast it made in September for 2007 U.S. gross domestic product growth to 2.2 percent from 2.9 percent.
"In order for the market to go up, investors want to see corporate earnings results and U.S. economic growth," Okamoto said.
The Nikkei .N225 was down 192.01 points at 17,478.06 as of 0049 GMT. The TOPIX fell 1.02 percent to 1,721.20.
Technology shares fell with Advantest down 2 percent at 5,490 yen and Canon Inc. (7751.T) losing 2 percent to 6,500 yen.
Among other losers, Sanyo Electric Co. Ltd. (6764.T) declined 2.4 percent to 204 yen after the company said on Wednesday it is set to book a loss of 2.04 billion yen in its earnings for the year that just ended to cover part of the cost to recall mobile phone batteries. [ID:nT269600]
