Nikkei drops in morning trading

<p>The Nikkei is down 0.4 per cent this morning.</p>

After breaking through the 15,000 barrier for the first time in over five years this week, the Nikkei has dropped by 0.4 per cent in this morning's (May 16th) session.

Although the index is still up by around 44 per cent on the turn of the year, it has fallen back as investors take their profits out of the market following strong recent growth.

According to a report by the Financial Times, the yen is also down by 0.1 per cent versus the dollar to Y102.35. But the dollar index is up by 0.1 per cent as the euro remains under pressure.

China's Shanghai Composite index rose one per cent, leaving the Nikkei in the shade over the course of the morning's trading action. Technology and property shares are among those that have been in particular demand in the last few hours.

January 2008 was the last time the Nikkei was higher than 15,000, showing how far the index has come in the last couple of years as the world bounces back from the global recession.

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