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Tokyo stocks flat 0.68pc by break, Nikkei 225 falls 119.71pts

Tokyo stocks flat 0.68pc by break, Nikkei 225 falls 119.71pts

TOKYO: Tokyo stocks tumbled 0.68 percent on Tuesday morning in the last day of trading for 2014, with a mixed lead from Wall Street and political crisis in Greece denting sentiment.
The Nikkei 225 index at the Tokyo Stock Exchange fell 119.71 points to 17,610.13 by the break, while the Topix of all first-section shares was down 0.41 percent, or 5.87 points, at 1,418.80.
“With overnight Wall Street indexes finishing essentially flat and a near complete lack of buy catalysts, investors really have nothing else to do but sell,” said Yoshihiro Okumura, general manager at Chibagin Asset Management.
“The market is not necessarily overbought on a technical basis, but with a five-day holiday coming up, it’s just not prudent for many traders to leave money on the table.”
Japanese markets are closed from Wednesday for national holidays, re-opening on Monday.
In Tokyo, investors cashed out after Greek lawmakers failed to elect a president for the third time Monday, fuelling uncertainty about the country’s economic reforms under an international bailout plan and adding to concerns about an already weak eurozone economy.
On currency markets, the dollar slipped to 120.48 from 120.66 yen in New York.
In share trading, Toray jumped 3.72 percent to 972.0 yen following a report that the company would boost carbon fibre production at its Mexican plant to supply German carmaker BMW.
Sony was down 1.99 percent at 2,510.0 yen while Toyota slipped 0.21 percent to 7,646.0 yen.
On Wall Street the S&P 500 gained 0.10 percent to mark a second successive record close, but the Dow snapped a seven-session winning streak by dipping 0.08 percent. The Nasdaq was virtually unchanged.