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Friday July 16, 04:32
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Japan shares closed lower
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Japanese stocks were lower on Friday morning, as investors took profits from the recent rises in bank shares ahead of the long weekend.
The Nikkei 225 average was down 0.5 per cent at 11,356.36, while the broader Topix index was down 0.6 per cent at 1,144.47. Monday is a national holiday and markets will be closed.
Shares of MTFG fell 4.4 per cent to Y1,110,000, as investors locked in gains following a 20 per cent increase in its share price in the previous two days. Some investors sold shares out of worries of the likely difficulties in the bank’s pending merger with UFJ. On Thursday, ratings agency Standard & Poor’s placed the ratings of the core units of MTFG on credit watch. Shares of UFJ fell 2.3 per cent to Y477,000.
Elsewhere, technology shares were lower, with Sony down 0.8 per cent to Y3,980 and Canon down 1.6 per cent to Y5,540. Advantest, a maker of chip equipment, gained 1.1 per cent to Y6,500 and rival Tokyo Electron was up 2.3 per cent to Y5,390.
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