The Nikkei was down for a third day in a row during today's (May 1st) trading, continuing a difficult week for the leading Asian index.
It ended 0.4 per cent lower at 13,799.35, held up by gains in companies including Fujifilm Holdings Corp and Kao Corp.
The losses sustained on the index did not cancel out a rise of nearly 12 percent last month, marking the Nikkei's best April performance since 1993, reports Reuters.
Shun Maruyama, chief Japan equity strategist at BNP Paribas, said: "The fundamental view (on corporate profit growth) is still sluggish. The market has already priced in the effect of the currency weakness."
He pointed out that companies are remaining bearish in the economic recovery forecast for the current term and the next, despite the currency weakness.
William O’Donnell, strategist at RBS Securities in Stamford, Connecticut, recently told the Financial Times that investors in Japan are focusing on the Nikkei and the property market.
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