Nikkei nearly flat, Fast Retailing's gains offset weak exporters

From Reuters - January 11, 2018

TOKYO, Jan 12 (Reuters) - Japans Nikkei share average was nearly flat on Friday morning, with weakness in exporters countered by strong gains in index-heavy Fast Retailing after the clothing company posted record quarterly profit.

The Nikkei edged 0.1 percent lower to 23,692.99, hovering at its 5-day moving average of 23,692.18. For the week, it has shed 0.1 percent so far.

Fast Retailing Co jumped more than 5 percent and contributed a hefty 113 positive points to the Nikkei after it posted a 28.6 percent jump in its operating profit to 113.9 billion yen ($1 billion) for the first quarter, a record quarterly profit.

Exporters took a hit as the yen has stayed on the stronger side. The dollar was at 111.14 yen after plumbing a six-week low of 111.05 yen on Thursday.


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