Nikkei ends 4-day winning streak but secures gains for week

Japanese stocks fell in choppy trade on Friday, dragged down by profit-taking and persistent concerns over a stronger yen’s impact on corporate profits.

The Nikkei share average slid 1.4 percent to 16,412.21, ending a four-day winning streak. The benchmark index ended the week 1.9 percent higher.

Rakuten Inc shares tumbled 5.4 percent after the e-commerce giant reported a 17.3 percent year-on-year drop in net profit for the January-March quarter.

Food processing company Nippon Suisan Kaisha Ltd plunged 13.3 percent after forecasting flat net profit and declining operating profit for the year ending March 2017.

Many of Apple’s Japan-based component makers ended the day lower on continued concerns over slowing demand for iPhones. Murata Manufacturing Co fell 4.4 percent while Minebea Co Ltd shares declined 4.8 percent.

Retailer Marui Group bucked the day’s weakness, climbing 6.2 percent on plans to repurchase up to 10 million of its own shares and raise its dividend payout in the year through March 2017.

The broader Topix fell 1.3 percent to 1,320.19 and added 1.7 percent for the week.

The JPX-Nikkei Index 400 declined 1.3 percent to 11,928.21.

Source: Reuters