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TOKYO: Japan’s Nikkei share average tumbled more than 1% on Friday, its first losing session in six, with more than two-thirds of the decline coming from Uniqlo owner Fast Retailing.

Japanese equities also came under pressure from the yen’s rise to a seven-month high, as traders bet the Bank of Japan could tweak policy further at a meeting next week, less than a month after a surprise widening of the 10-year Japanese government bond yield’s allowable range.

The Nikkei ended the day down 1.25%, or 330.30 points, at 26,119.52.

Fast Retailing was the biggest drag, falling 7.95% and shaving 217.36 points off the Nikkei, after announcing disappointing financial results on Thursday after markets closed.

The broader Topix, by contrast, ended down by a more modest 0.27% at 1,903.08. The Nikkei managed to hold on for a weekly gain of 0.56%, having fallen for four straight weeks previously.

The Topix notched a 1.46% weekly rise, also its first winning week in five.

Exporters dropped as a stronger yen cut the value of overseas revenue.

Toyota lost 2.26%, while Nintendo fell 0.92%.

The yen touched its strongest level to the dollar since May 31 at 128.44.

Financial stocks benefited from the speculation, with the TSE’s banking subindex jumping 2.98%.

Tokyo stocks close flat ahead of US inflation data

“Nobody is sure what will happen at next week’s Bank of Japan meeting, and there may be some disappointment,” said Kenji Abe, a strategist at Daiwa.

“I don’t think they will reach a concrete decision, so yen appreciation can be reversed and the declines in the Nikkei can be reversed.”

Other than banks, chip-related shares rose, tracking gains in US peers. Chip-making equipment maker Tokyo Electron provided the most support for the Nikkei, contributing a market-leading 45.53 index points with its 3.04% rise.

Convenience store operator Seven & I Holdings was the biggest percentage gainer, soaring 6.1% after revising earnings forecasts higher.

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