Nikkei slips; posts weekly jump on hopes of slower Fed rate hikes

Reuters

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       TOKYO, Nov 25 (Reuters) - Japan's Nikkei ended lower on
Friday, after hitting a more than two-month high in the last
session, as investors sold heavyweight chip-related and growth
stocks that had gained but hopes for slower interest rate hikes
globally capped declines.
    The Nikkei  .N225  fell 0.35% to close at 28,283.03 and
gained 1.37% for the week. The broader Topix  .TOPX  was down
0.04% to 2,018.00 but jumped 2.59% for the week.
    "Investors sold shares for profit-taking today. That was
seen in chip-related stocks, which were strong in the past few
sessions," said Shuji Hosoi, senior strategist at Daiwa
Securities. 
    "Overall the market was supported by hopes for slower hikes
of the ECB, which sent the Germany's 10-year bond yields lower."
    Investors saw some dovish hints in the minutes from the
European Central Bank's most recent policy meeting, which was
published Thursday, even as they showed policymakers' fears that
inflation might be becoming entrenched.
    The Nikkei's jump in the previous session was underpinned by
hopes for a slower pace of interest rate hikes by the U.S.
Federal Reserve. 
    In Japan, chip-related Tokyo Electron  8035.T  fell 0.78%
after jumping 3.21% in the week, while Advantest  6857.T 
slipped 0.96% after posting a 3.56% weekly gain. 
    Dentsu Group  4324.T  lost 2.74% after a report that Tokyo
prosecutors searched the advertising agency and other firms in
connection with possible bid-rigging for Tokyo Olympics test
events.
    Hub Co  3030.T , which runs British style pubs, surged
12.71%, extending its gain after Japan made a stunning 2-1 upset
over four-times champions Germany in their World Cup opener on
Wednesday.
    The utility sector  .IEPNG.T  rose 1.7% to become the top
gainer among the 33 industry sub-indexes on the Tokyo bourse,
with Tokyo Electric Power  9501.T  climbing 4.6%.
 (Reporting by Junko Fujita; Editing by Rashmi Aich)
 ((junko.fujita@thomsonreuters.com;))

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