Nikkei dips on Chinese manufacturing data

<p>The Nikkei was down this morning.</p>

The Nikkei edged down in this morning's (April 23rd) trading session following the release of weak manufacturing data from China.

It fell 0.3 per cent to 13,530.01 by the midday break, while the Nikkei China 50 index dropped 0.5 per cent over the course of the session.

Shun Maruyama, chief Japan equity strategist at BNP Paribas Securities, told Reuters that weak economic data from overseas is putting investors off chasing stocks higher.

"Many of them are kind of waiting for the fog to clear," he was quoted as saying by the news provider.

Yasuo Sakuma, portfolio manager at Bayview Asset Management, suggested another round of profit-taking was the reason for the Nikkei's dip in this morning's trading.

The index's performance is in contrast to yesterday, when it was up by more than two per cent in the morning session and closing in on a new five-year high.

But Biyi Cheng, head of dealing for Asia-Pacific at City Index in Sydney, warned many investors are still acting "cautiously".

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