TOKYO: Japan’s Nikkei share average slipped from a more than two-week high to end lower on Friday as investors weighed the outcome of the nation’s upper house election on the weekend.
The Nikkei fell 0.21% to 39,819.11. Earlier, it had risen to as high as 40,087.59, its highest level since July 1, underpinned by the strong performance of Wall Street.
The S&P 500 stock index and the Nasdaq Composite both finished at record highs on Thursday, as investors embraced strong economic data and earnings reports that showed American consumers remained willing to spend.
For the week, the Nikkei rose 0.63% to snap two straight weeks of losses.
The broader Topix slipped 0.19% to 2,834.48.
“Investors did not want to take a risk in buying stocks ahead of the national election on the weekend,” said Yugo Tsuboi, chief strategist at Daiwa Securities.
Prime Minister Shigeru Ishiba’s Liberal Democratic Party (LDP) and its partner Komeito are expected to lose their majority in the upper house on Sunday.