TOKYO, March 4 (Xinhua) -- Japan's Nikkei Stock Average fell 1. 05 percent on Thursday as a resurgent yen versus the dollar impacted firms who rely on oversees profits and anxious investors opted to lock in profits amid concerns over Greece's debt woes and ahead of important macroeconomic data due out from the U.S. on Friday.
Japan's key benchmark Nikkei lost 1.05 points from Wednesday to 10,145.72, bringing an end to a four-day run of positive closes.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange lost 8.01 points, or 0.88 percent, to 897.64.
Following the Greek government's unrolling of a new austerity package on Wednesday sparking some hope of a recovery in the eurozone, there still remains strong concerns over the extent to which the European Union (E.U.) will support debt-ridden Greece, economists said.
German Chancellor Angela Merkel is set to hold talks with Greek Prime Minister George Papandreou on Friday, but brokers said there remains strong opposition against E.U. aid for the debt-ridden country, despite Greece's cabinet approving sweeping budget cuts and tax hikes.
Compounding market players' anxiety and diffidence to buying on Thursday is the highly anticipated job figures due out from the U. S. on Friday. The numbers will be a key indicator of the solidity of the U.S. economy and coupled with next week's retail sales figures will provide investors with a fresh orientation and decisive cues as to how to position themselves and rebalance portfolios, brokers said.
"It's not as if investors' sentiment has soured, but it's just that they still can't be bullish enough about the (U.S.) economy to keep pushing up the market," said Kazuhiro Takahashi, general manager at Daiwa Securities Capital Markets.
Additionally Hong Kong and Shanghai stocks' recent fall has given investors pause for thought as has China's Industrial Bank Co.'s prediction of slower growth in new lending.
Brokers added that the outcome of China's annual parliamentary sessions on measures to support its industry would be a major bellwether for market players going forward.
"There is deep concern among investors that emerging nations will tighten monetary policies," said Jun Nishizaki, a strategist at Tokyo-based Nissay Asset Management Corp. "A decline in Chinese stocks tends to spur excessive concern that the nation's economy will worsen."
With the dollar retreating and holding firm at 88.35 yen during trading hours on Thursday, domestic export-related issues took a battering as overseas earnings diminish when repatriated.
Subsequently investors opted to secure profits after the market 's recent run of gains.
TDK Corp. fell 2.9 percent to 5,330 yen and Kyocera Corp. relinquished 1.4 percent to 7,940 yen. Sanyo Electric Co. Ltd. slipped 2.04 percent to 144 yen and Sharp Corp. retreated 2.23 percent to 1,008 yen. Canon Inc. shed 0.79 percent to 3,765 yen, while Olympus Corp. sank 1.10 percent to close at 540 yen.
Industrial robotics maker Fanuc Ltd. fell 1.82 percent to 8,640 yen.
Bucking the downward trend in export and tech-related issues Thursday, Elpida Memory Inc. rose 1.4 percent to 1,642 yen after the chipmaker said it was in talks to buy the flash memory assets of U.S. company Spansion Inc.
Elpida's spokesman declined to comment on the amount the company was offering for the acquisition, however the Nikkei business daily reported that Elpida would pay between 3 and 5 billion yen (34-57 million U.S. dollars).
Chip tester Advantest Corp. however ended trade in negative territory retreating 1.46 percent to 2,093 yen and semiconductor maker Tokyo Electron Ltd. fell 1.77 percent to 5,550 yen.
Despite a recent announcement by department store operator J Front Retailing Co. Ltd. that it plans to close its Matsuzakaya department store at Nagoya station this summer, the conglomerate, which owns the Daimaru and Matsuzakaya department store chains throughout Japan climbed 5.08 percent on Thursday to close at 517 yen at the bell.
Some 1.7 billion shares changing hands on the Tokyo exchange's First section, equivalent to Wednesday's volume, but well down on last year's daily average of around 2.3 billion shares.
Declining issues outnumbered advancing ones by stocks only just outnumbered declining ones by 1,211 to 334.
