Japanese stocks ended 2014 on a down note on Tuesday, as investors closed positions before extended new year holidays and worries about Greek politics sapped risk appetites. "There was selling today as investors thought the Nikkei's a little too high at the year-end," said Makoto Kikuchi, chief executive of Myojo Asset Management Japan. "It's a natural market correction.
The Nikkei benchmark shed 1.6 percent to close at 17,450.77. The index gained 7.1 percent for the year, driven by aggressive asset purchases by the Bank of Japan and a weaker yen that boosted corporate profits. In 2013, it soared 57 percent on the back of Prime Minister Shinzo Abe's easy-money policies. Japanese markets will be closed until January 5. Market heavyweights Softbank Corp and Fanuc Corp on Tuesday shed 1.8 percent and 1.5 percent respectively. Toray Industries was the Nikkei's best performer, adding 3.3 percent on a media report that it will supply carbon fibre to German automaker BMW. The broader Topix fell 1.2 percent to 1,407.51. It gained 8.1 percent for the year. The JPX-Nikkei Index 400 lost 1.3 percent for the day to close at 12,768.42, an increase of 8.5 percent for 2014.
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