Nikkei edges lower; Fast Retailing’s gains limit losses

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Nikkei edges lower; Fast Retailing’s gains limit losses

TOKYO: Japan’s Nikkei share average edged lower on Friday as weakness in exporters weighed on the index, but strong gains in index-heavy Fast Retailing on record quarterly profit limited the losses.
The Nikkei ended 0.2 percent lower at 23,653.82, slightly below its 5-day moving average of 23,743.39. For the week, it dropped 0.3 percent.
Fast Retailing Co jumped 6 percent and contributed a hefty 104 positive points to the Nikkei after it posted a 28.6 percent surge in its operating profit to 113.9 billion yen ($1 billion) for the first quarter.
Exporters took a hit as the yen stayed on the stronger side. The dollar was at 111.22 yen after plumbing a six-week low of 111.05 yen on Thursday.
Olympus tumbled 3.8 percent, Kyocera dropped 1.7 percent and Nissan Motor declined 0.8 percent.
The broader Topix declined 0.6 percent to 1,876.24.

TFD