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TOKYO: Japan’s Nikkei share average traded lower on Friday as investors awaited key US jobs data due later in the day, which will likely set the stage for an interest rate cut by the Federal Reserve this month.

The Nikkei was down 0.24% at 36,568.05 by the midday break, after opening 0.43% higher.

The index is set to fall 5% for the week.

“It was hard to find reasons to buy stocks aggressively ahead of the release of the non-farm payrolls data,” said Jun Morita, general manager of the research department at Chibagin Asset Management.

Chip-making equipment maker Tokyo Electron fell 2% to drag the Nikkei the most.

Chip-testing equipment maker Advantest lost 1.4% and air-conditioning maker Daikin Industries slipped 4%.

Seven & i Holdings fell 1.87%, after the retail giant said it had rejected Canada’s Alimentation Couche-Tard’s ATD.TO $38.5 billion cash bid for the company because the proposal was not in the interest of shareholders.

Sekisui House touched a record high, after the Japanese housing maker raised its annual profit forecast on the robust US housing business.

Sekisui House, which has been expanding its US business, is likely to benefit from the potential US rate cut, was last up 2.22% at 3,922 yen.

Japan’s Nikkei rises as tech shares gain

The broader Topix fell 0.59% to 2,603.31, dragged lower by electronic appliance maker Hitachi, which lost 4%.

Toyota Motor fell 1.64%. The index is poised to fall 3.4% for the week.

Of more than 1,600 shares on the Tokyo Stock Exchange’s prime market, 37% stocks rose and 58% fell, with 3% trading flat.

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