Nikkei slips, telecom shares slump on Rakuten market entry plan

Published 2017/12/14, 08:29
Updated 2017/12/14, 08:30
© Reuters.  Nikkei slips, telecom shares slump on Rakuten market entry plan
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TOKYO, Dec 14 (Reuters) - Japan's Nikkei share average slipped on Thursday, as banks and insurer shares weakened in line with lower interest rates while telecommunications shares withered on news that online retailer Rakuten plans to enter the mobile carrier market.

The Nikkei ended down 0.3 percent at 22,694.45. The broader Topix .TOPX was 0.2 percent lower at 1,808.14.

The bank subindex .IBNKS.T fell 1.8 percent and the insurance sector .IINSU.T slipped 1.9 percent, as U.S. Treasury yields slipped after the U.S. Federal Reserve kept its monetary policy plan intact. of Rakuten Inc 4755.T dropped 4.9 percent after it said it would apply for a 4G mobile license, aiming to become the country's fourth major wireless carrier in a strategic shift that had analysts warning of an uphill battle to gain customers. giants NTT Docomo Inc 9437.T dropped 2.3 percent, KDDI Corp 9433.T fell 2.8 percent and SoftBank Group Corp 9984.T shed 2.3 percent.

Panasonic Corp 6752.T shares rose 2.4 percent, after Toyota said on Wednesday that Japan's largest automaker is entering talks with Panasonic to team up on developing and producing batteries to power its electric and hybrid vehicles. Hakko Kirin 4151.T shares rose 1.9 percent, lifted by a Nikkei report that the drugmaker expects to more than double its operating profit by 2020. That helped the pharmaceutical sector .IPHAM.T rise 0.4 percent.

The oil and coal subindex .IPETE.T gained 1.4 percent, as crude oil futures rose back toward 2015 highs touched earlier this week. O/R

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