TOKYO, July 19 Japan's Nikkei share index
dropped as much as 2.7 percent on Friday morning, reversing an
early rise to an eight-week peak, with traders citing selling of
futures led by global macro funds.
The Nikkei was last down 1.9 percent at 14,534.84,
after earlier trading as high as 14,953.29.
"It was close to 15,000 this morning. A lot of potential
good election news is priced in, so people are coming in to sell
futures, probably hedging some upside or something like that,"
said a senior trader at a foreign bank in Tokyo.
"I think the usual suspects ... could be global macro guys
selling futures," he said.
Japan is to hold a national election for parliament's upper
house on Sunday.