16 September 2005, 14:12  Japanese stocks slip as investors take profit ahead of long weekend

Japan's benchmark stock index slipped Friday from a four-year high set the day before as investors took profit ahead of a long weekend. The dollar rose against the yen. The Nikkei 225 index fell 28.10 points, or 0.22 percent, to finish at 12,958.68 points on the Tokyo Stock Exchange. On Thursday, the index rose 152.53 points, or 1.19 percent, closing at 12,986.78 points, its highest finish since June 22, 2001, when it ended at 13,044.61. Traders sold oil issues such as Cosmo Oil Co., Ltd. and techs including Kyocera Corp. to lock in profits ahead of a three-day weekend. Monday is Respect for the Aged Day, a national holiday in Japan. Stocks were largely mixed as demand for banks, brokerage houses and steel makers provided a solid floor. The broader TOPIX, which includes all issues on the exchange's first section, however, rose 1.55 point, or 0.12 percent, to 1,328.84 points. The TOPIX gained 14. 94 points, or 1.14 percent, the day before. "The underlying market trend is strong," said Masayuki Kubota, a fund manager at Daiwa SB Investments. Trading remained heavy on brisk buying interest by foreign and individual investors. Trading volume on the first section was estimated at 2.749 billion shares, down from 3.013 billion shares yesterday. In value terms, turnover on the section rose to 2.028 trillion yen ($18.32 billion) from 1.902 trillion yen ($8.15 billion) Thursday. Advancing issues outpaced decliners 817 to 713, while 127 issues were unchanged. Wall Street was mixed Thursday. The Dow Jones industrial average rose 13.85, or 0.13 percent, to 10,558.75, while the Nasdaq composite index fell 3.18, or 0.15 percent, to 2,146.15. In currency trading, the dollar bought 110.66 yen on the Tokyo foreign exchange market at 5 p.m. (0800 GMT) Friday, up 0.20 yen from late Thursday and also above the 110.68 yen it bought in New York later that day. The dollar ranged from 110.47 yen to 110.94 yen in Tokyo. The euro rose $1.2270 from $1.2218 late Thursday. The yield on the 10-year Japanese government bond rose to 1.3550 percent from Thursday's finish of 1.3400 percent. Its price fell 0.13 to 100.39 points.

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