Nikkei hits 7-wk closing low, breaches key support

TOKYO, Oct 29 (BestGrowthStock) – Japan’s Nikkei fell 1.8 percent to
a seven-week closing low on Friday as disappointing earnings hit
shares of companies such as Sharp (6753.T: ), with downward
momentum accelerating after the index breached a key technical
support level.

Investors were keen to lighten long positions ahead of the
weekend and before a blizzard of earnings reports due after the
close on Friday and a highly anticipated Federal Reserve
policy-setting meeting on Nov. 2-3.

The benchmark Nikkei (.N225: ) ended down 163.58 points at
9,202.45, its lowest close since Sept. 9.

The broader Topix (.TOPX: ) slipped 0.4 percent to 810.91.

Technical sentiment towards the Nikkei faltered as it dropped
below closely watched support at 9,300 for the first time since
Sept. 15, traders said, the day when share prices jumped sharply
after Japanese authorities intervened in the currency market for
the first time in six years.

The 9,300 area is a key region of support based on the
Nikkei’s daily Ichimoku cloud.

Hurt by worries about the strength of the yen and its impact
on corporate earnings, the Nikkei shed 1.8 percent in October,
its biggest monthly fall since August. It fell 2.4 percent on the
week, also its worst weekly fall in two months.
(Reporting by Aiko Hayashi; Editing by Edmund Klamann)

Nikkei hits 7-wk closing low, breaches key support