Japan's Nikkei falls 0.7 pct as investors cash out
(Updates to midmorning)
TOKYO, April 4 (Reuters) - Japan's Nikkei stock average fell 0.7 percent on Friday as investors locked in the market's three-day gain ahead of closely watched U.S. jobs data.
Exporters such as Honda Motor Co Ltd (7267.T) and Toyota Motor Co (7203.T) were among the top drags on the index.
"We are seeing profit-taking after the three-day winning streak and ahead of jobs data," said Harushige Kobayashi, head of the research department at Maruwa Securities.
The Nikkei had gained nearly 7 percent since Tuesday as fears of the credit crisis spinning out of control eased following a successful capital boost by Lehman Brothers LEH.N.
Still, many market participants said the gain was mostly due to unwinding of short positions and the market has not attracted a flow of new money to drive it up further.
"The outlook for the U.S. economy remains uncertain. It is said that it will recover in the second half, but I am not sure about that either," Kobayashi said.
The U.S. March employment report is due later in the day, with economists forecasting a cut of 60,000 jobs.
As of 0024 GMT, the benchmark Nikkei .N225 was down 99.32 points at 13,290.58. The broader TOPIX fell 0.5 percent to 1,293.51.
Honda fell 2.6 percent to 3,000 yen and Toyota slid 2.1 percent to 5,040 yen.
Alps Electric (6770.T) fell 4.6 percent to 940 yen after the electronic parts maker said it would miss its annual net profit forecast by 60 percent due to a stronger yen. (Reporting by Taiga Uranaka; Editing by Brent Kininmont)
