Japanese stocks edged lower on Friday as Shinsei Bank tumbled on profit-taking a day after its strong market debut, and chip-related issues weakened on disappointing U.S. data.
Some blue-chip exporters such as Japan's third-largest auto maker Nissan Motor Co. were helped by a drop in the yen but gains made in morning trade were trimmed by the close.
"The fall in the Nasdaq overnight was largish and key industry data for chip equipment makers fell in January," said Tsuyoshi Nomaguchi, a strategist at Daiwa Securities.
"And we have had a cooling of the Shinsei fever."
After spending much of the morning tiptoeing in and out of positive territory, the benchmark Nikkei average ended down 0.31 percent or 33.11 points at 10,720.69.
That followed a 0.72 percent rise in the previous session.
In a week dominated by Shinsei's initial public offering (IPO) and robust Japanese economic growth data for the October-December quarter, the Nikkei climbed 1.54 percent -- the strongest weekly gain in a month.
The broader TOPIX index also inched down on Friday, ending 0.07 percent lower at 1,058.76.
Shinsei, the first Japanese bank to be turned around by foreigners, plunged 9.55 percent to 748 yen on profit-taking after its market debut on Thursday, when it ended 58 percent above its IPO price.
The fall in Shinsei, the most active stock in terms of volume and value for the second day in a row and the biggest percentage loser for the day, in turn helped put a lid on other activity.
"Short-term funds are looking to see where Shinsei's price settles before they move anywhere else," said Fumiyuki Nakanishi, chief strategist at SMBC Friend Securities.
"And we've seen selling ahead of the eight IPOs slated for next week. There's no doubt that there's not a lot of buying momentum in the market."
JR WEST EASES, KANEBO SINKS
Chip testing device maker Advantest Corp fell 2.25 percent to 8,250 yen following a drop in U.S. tech stocks and data showing the ratio of North American chip equipment orders to shipments, known as the book-to-bill ratio, fell in January.
Semiconductor Equipment and Materials International said the book-to-bill ratio for North American makers of microchip-making gear was 1.18 in January, down from 1.23 in December.
But some exporters managed to advance as the dollar climbed to one-month highs for the third consecutive day.
Dealers said many traders had given up -- for the time being at least -- their short dollar positions as heavy Japanese intervention seemed to have succeeded in halting the dollar's slide at around 105 yen.
Nissan rose 1.75 percent to 1,166 yen while electronics conglomerate NEC Corp climbed 2.16 percent to 805 yen. Sony Corp ended up 1.1 percent at 4,580.
Elsewhere in the market, West Japan Railway Co fell on news that the government would next month offer some $2.4 billion worth of the company's shares in what could be Japan's biggest sale of state-owned shares in two years.
Japan's second-biggest railway operator eased 0.99 percent to end at 400,000 yen after it said the Transport Ministry agency that holds the shares planned a global offering in which it could unload all of its 31.7 percent stake.
Struggling Kanebo Ltd. lost 4.5 percent to end at 106 yen in an awful week for the stock which saw it fall 18 percent.
Debt-laden Kanebo said on Monday it had quit talks on selling its cosmetics division and would instead seek help from a government-backed rehabilitation body.
Decliners outnumbered gainers 752 to 610. Volume dropped a notch, with 1.025 billion shares changing hands on the first section, the lowest since Thursday last week.
Some blue-chip exporters such as Japan's third-largest auto maker Nissan Motor Co. were helped by a drop in the yen but gains made in morning trade were trimmed by the close.
"The fall in the Nasdaq overnight was largish and key industry data for chip equipment makers fell in January," said Tsuyoshi Nomaguchi, a strategist at Daiwa Securities.
"And we have had a cooling of the Shinsei fever."
After spending much of the morning tiptoeing in and out of positive territory, the benchmark Nikkei average ended down 0.31 percent or 33.11 points at 10,720.69.
That followed a 0.72 percent rise in the previous session.
In a week dominated by Shinsei's initial public offering (IPO) and robust Japanese economic growth data for the October-December quarter, the Nikkei climbed 1.54 percent -- the strongest weekly gain in a month.
The broader TOPIX index also inched down on Friday, ending 0.07 percent lower at 1,058.76.
Shinsei, the first Japanese bank to be turned around by foreigners, plunged 9.55 percent to 748 yen on profit-taking after its market debut on Thursday, when it ended 58 percent above its IPO price.
The fall in Shinsei, the most active stock in terms of volume and value for the second day in a row and the biggest percentage loser for the day, in turn helped put a lid on other activity.
"Short-term funds are looking to see where Shinsei's price settles before they move anywhere else," said Fumiyuki Nakanishi, chief strategist at SMBC Friend Securities.
"And we've seen selling ahead of the eight IPOs slated for next week. There's no doubt that there's not a lot of buying momentum in the market."
JR WEST EASES, KANEBO SINKS
Chip testing device maker Advantest Corp fell 2.25 percent to 8,250 yen following a drop in U.S. tech stocks and data showing the ratio of North American chip equipment orders to shipments, known as the book-to-bill ratio, fell in January.
Semiconductor Equipment and Materials International said the book-to-bill ratio for North American makers of microchip-making gear was 1.18 in January, down from 1.23 in December.
But some exporters managed to advance as the dollar climbed to one-month highs for the third consecutive day.
Dealers said many traders had given up -- for the time being at least -- their short dollar positions as heavy Japanese intervention seemed to have succeeded in halting the dollar's slide at around 105 yen.
Nissan rose 1.75 percent to 1,166 yen while electronics conglomerate NEC Corp climbed 2.16 percent to 805 yen. Sony Corp ended up 1.1 percent at 4,580.
Elsewhere in the market, West Japan Railway Co fell on news that the government would next month offer some $2.4 billion worth of the company's shares in what could be Japan's biggest sale of state-owned shares in two years.
Japan's second-biggest railway operator eased 0.99 percent to end at 400,000 yen after it said the Transport Ministry agency that holds the shares planned a global offering in which it could unload all of its 31.7 percent stake.
Struggling Kanebo Ltd. lost 4.5 percent to end at 106 yen in an awful week for the stock which saw it fall 18 percent.
Debt-laden Kanebo said on Monday it had quit talks on selling its cosmetics division and would instead seek help from a government-backed rehabilitation body.
Decliners outnumbered gainers 752 to 610. Volume dropped a notch, with 1.025 billion shares changing hands on the first section, the lowest since Thursday last week.
3287.99
1275.09
