Nikkei posts biggest loss in over 1 mth, yen weighs

TOKYO, July 16 (BestGrowthStock) – Japan’s Nikkei average fell
nearly 3 percent on Friday for its worst one-day percentage loss
in over a month as investors took profits before a long weekend,
worried that the yen could rise further towards 15-year highs
against the dollar.

Trade was thin as technicals turned increasingly bearish,
with some in the market saying large-lot selling of futures by a
foreign investor shortly after the open had set off
position-cutting that picked up speed.

The benchmark Nikkei (.N225: ) shed 277.17 points to 9,408.36,
crashing through several support levels and posting its biggest
one-day percentage fall since June 7. The broader Topix (.TOPX: )
shed 1.9 percent to 840.58.
(Reporting by Elaine Lies)

Nikkei posts biggest loss in over 1 mth, yen weighs