By Laura He, MarketWatch
HONG KONG (MarketWatch) — Japan stocks closed lower on Friday, breaking a nine-session string of gains.
The Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK +0.51% dropped 0.3%, but still ended higher for a second straight week. For the week, the index gained 1.4%. Meanwhile, the broader Topix index /zigman2/quotes/210598092/delayed JP:180460 +0.48% finished 0.4% lower, while the yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0208% strengthened, trading at ¥103.734 against the dollar from ¥103.840 a day earlier.
Market movers included electronics giant Panasonic Corporation /zigman2/quotes/201785256/delayed JP:6752 +0.39% , falling 1.4%, computer maker NEC Corp. /zigman2/quotes/205173342/delayed JP:6701 +0.33% , losing 1.3%, electronics maker Sharp Corporation /zigman2/quotes/203224600/delayed JP:6753 -0.56% , down 1.2%, and IT services provider Fujitsu Ltd. /zigman2/quotes/208459594/delayed JP:6702 -0.98% , off 1.1%.
Other major Asian markets posted gains.
In Hong Kong, the benchmark Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.32% rose 0.5%, with index heavyweight China Mobile Ltd. /zigman2/quotes/200868736/delayed HK:941 +0.80% advancing 0.6%, after reports said the leading state-owned telecom is creating a new media company and would open the business to private investors as part of its mixed-ownership reform push.
However, Li & Fung Ltd. , a major supplier for the likes of Wal-Mart Stores Inc. /zigman2/quotes/207374728/composite WMT +0.42% and Target Corp. /zigman2/quotes/207799045/composite TGT +1.55% , tumbled 4.6% after its first-half revenue fell short of market expectations.
Elsewhere, Sydney’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.51% inched up 0.1%, the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.12% finished 0.5% higher, and Seoul’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 +0.27% snagged a 0.6% gain.