Tokyo stocks edge down as market awaits U.S. job data, new PMs policies

20:06, June 04, 2010      

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Tokyo stocks edged down Friday having moved in and out of negative territory numerous times, but retained most of the gains made in the previous day's surge, as investors looked to see how newly elected prime minister Naoto Kan plans to revive the economy.

The 225-issue Nikkei Stock Average dropped 13.00 points, or 0. 13 percent, from Thursday to 9,901.19.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 0.48 point, or 0.05 percent, to 890. 16.

Brokers said that buying eventually lost steam as investors took passive stances ahead of key U.S. nonfarm payroll data and clues as to the new prime minister's economic policies.

Economists said that the U.S. nonfarm payrolls report is forecast to show significant gains for May, but brokers said that the market had already largely factored this in and that major moves in the market would only be triggered by worse-than-expected figures.

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