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Nikkei falls despite weak Yen

FXStreet (Mumbai) - The Japanese stocks weakened moderately today due to a bout of profit booking despite Yen weakening further against the US Dollar.

The Nikkei ended the day lower by 55.30 points or 0.32% at 17,288.75, ,compared to the previous session’s close of 17,344.06. The stocks had opened higher following a overnight rise in the US and European equity markets. However, prices declined later as investors booked profit despite USD/JPY rising well above 117.00 levels.

Among stocks, mobile phone carriers SoftBank and KDDI, clothing chain operator Fast Retailing and retailer Seven & I Holdings were major losers of the day. Meanwhile, stocks like Oki Electric Cable, SWCC Showa Holdings and other power cable-related issues surged on hopes that a supplementary budget for fiscal 2014 will aid in financing a project to lay underground power lines. Auto parts maker Takata tanked 7.41%, after vehicles equipped with Takata-made air bags across the United States were recalled.

Nikkei Technical Levels

The index has an immediate resistance at 17,392 and 17,410, above which prices may rise to 17,472.50 levels. Meanwhile, support is seen at 17,180 and 17,108 levels.

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