Nikkei drops on China economy data

<p>The Nikkei is down by over one per cent this morning.</p>

Poor economic data from China has led to the Nikkei dropping by more than one per cent.

It was revealed this morning that economic growth in the Asian nation was 7.7 per cent in the first quarter of the year, down from the eight per cent that was forecast by analysts.

This was down from the 7.9 per cent growth recorded between October and December last year and led to the Nikkei dropping by 1.2 per cent in the morning session today (April 15th).

Speaking to Reuters, a Tokyo-based sales trader explained some investors are taking their profits out of the index and this is one of the reasons for the fall in the Nikkei.

It was also noted by the specialist that overseas markets have been "weak across the board" this morning in response to the economic data from China.

The Nikkei reached a five-year high last week, but had started to fall on Friday, when it was down 0.8 per cent down at the midday break and stood at 13,440.44.

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