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Tokyo down, eyeing BoJ data
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April 2, 1999: 7:47 a.m. ET
Wariness ahead of 'tankan' business survey pressures Nikkei
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LONDON (CNNfn) - Tokyo shares ended modestly lower Friday as anxiety about a forthcoming survey of business sentiment overshadowed interest by overseas investors that helped fuel a 490-point surge on the Nikkei Thursday.
Most markets in the region were closed for a holiday.
A day after Tokyo traders kicked off their new fiscal year with a rally that drove stocks up more than 3 percent, the benchmark Nikkei 225 average retreated 37.37 points, or 0.23 percent, to close at 16,290.19. June Nikkei futures finished 40 points higher at 16,370.
In Japan, positive news was lacking Friday as many international investors stayed on the sidelines for the Easter holiday.
Most of Thursday's gains in Tokyo had been prompted by traders allocating fresh money for the new business year, and an influx of overseas buyers. International investors were lured by prospects of an overhaul of Japan's corporate sector following several major restructuring announcements in recent weeks.
On Friday, however, investors exercised caution ahead of Monday's expected release by the Bank of Japan of the "tankan" survey of business confidence.
Earlier this week, Japan reported record-high joblessness in February of 4.6 percent. More negative numbers could further dampen the prospects for recovery.
In Malaysia, stocks shot up 2.37 percent on the Kuala Lumpur stock exchange, building on Thursday's sharp gains, amid a reduction in interbank lending rates from 6.05 percent to 5.88 percent. Malaysian shares ended the day 12.51 points higher at 540.07.
In South Korea, the composite index jumped 1.55 percent to close at 646.78, its highest closing level since September 30, 1997.
Thai shares experienced relatively little movement as local investors shied away. The SET index ended flat at 357.10.
--from staff and wire reports
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