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Japan's Nikkei falls ahead of US jobs data
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Japan's Nikkei falls ahead of US jobs data
Sep 5, 2024 8:36 PM

TOKYO, Sept 6 (Reuters) - Japan's Nikkei share average

traded lower on Friday as investors awaited key U.S. jobs data

due later in the day, which will likely set the stage for an

interest rate cut by the Federal Reserve this month.

The Nikkei was down 0.24% at 36,568.05 by the midday

break, after opening 0.43% higher. The index is set to fall 5%

for the week.

"It was hard to find reasons to buy stocks aggressively

ahead of the release of the non-farm payrolls data," said Jun

Morita, general manager of the research department at Chibagin

Asset Management.

Chip-making equipment maker Tokyo Electron ( TOELF ) fell 2%

to drag the Nikkei the most. Chip-testing equipment maker

Advantest ( ADTTF ) lost 1.4% and air-conditioning maker Daikin

Industries ( DKILF ) slipped 4%.

Seven & i Holdings ( SVNDF ) fell 1.87%, after the retail

giant said it had rejected Canada's Alimentation Couche-Tard's

ATD.TO $38.5 billion cash bid for the company because the

proposal was not in the interest of shareholders.

Sekisui House ( SKHSF ) touched a record high, after the

Japanese housing maker raised its annual profit forecast on the

robust U.S. housing business.

Sekisui House ( SKHSF ), which has been expanding its U.S. business,

is likely to benefit from the potential U.S. rate cut, was last

up 2.22% at 3,922 yen.

The broader Topix fell 0.59% to 2,603.31, dragged

lower by electronic appliance maker Hitachi ( HTHIF ), which lost

4%. Toyota Motor ( TM ) fell 1.64%.

The index is poised to fall 3.4% for the week.

Of more than 1,600 shares on the Tokyo Stock Exchange's

prime market, 37% stocks rose and 58% fell, with 3% trading

flat.

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