Nikkei drops after five-year high

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

The Nikkei has dropped in this morning's (April 12th) trading session after the index reached a five-year high earlier in the week.

It was recorded 0.8 per cent down at the midday break and stood at 13,440.44, down from opening up 0.1 per cent at 13,568.25. This was the highest point the market had started at since July 2008.

Chiyoda Corp was the biggest loser on the index in the morning session and its share price plummeted as much as 11.2 per cent.

According to a report by Reuters, Fast Retailing dropped 0.6 per cent, but was down by as much as 5.5 per cent during the course of the trading.

"Unless there are strong catalysts to drive the market higher, such as the yen weakening further to 100 yen against the dollar, profit-taking is natural given the steep rises," said Yutaka Miura, a senior technical analyst at Mizuho Securities.

Analysts recently revealed they are expecting the Nikkei to end the year 40 per cent higher than it stood at the start of 2013.

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