Nikkei drops for fourth successive week

<p>The Nikkei is down again this week.</p>

The Nikkei rose over the course of today's (June 14th) trading but its gains were not strong enough to avoid recording a fourth weekly drop in a row.

An increase in the index's value of 1.9 per cent provided a positive end to the week, but this could not cancel out the losses sustained previously.

The Nikkei had a very strong start to the year and was up by around 50 per cent as it hit five-and-a-half year highs in May, but since then it has fallen away by over 20 per cent.

"People are unwinding (short) positions, or people are trying to buy on dips. The market did rebound and the US did well so people are buying on the back of that," a senior dealer at a foreign bank told Reuters.

The Nikkei closed the day up 241.14 points at 12,686.52 after trading as high as 12,900.65 during the session.

Today's 1.9 per cent gain for the Nikkei helped to pare down the six per cent losses sustained by the index yesterday.

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