Nikkei heading for fourth day of losses

<p>The Nikkei is down for the fourth day in a row.</p>

The Nikkei was down over the course of the morning session today (May 2nd) and the index is heading for a fourth day of losses in a row.

It fell 0.5 per cent to 13,729.22 points and will not reopen until Tuesday due to the fact both Friday and Monday are public holidays in Japan.

Masayuki Doshida, senior market analyst at Rakuten Securities, told Reuters the four-day weekend means a lot of investors are currently reluctant to take a position.

He pointed out that key events are set to take place abroad and these are also expected to have an impact on the index, with the European Central Bank announcing whether or not it is cutting interest rates later today.

"But buying interest in Japan stocks remains strong, helping to limit the Nikkei's downside as well as to prompt a rally in the smaller-caps," Mr Doshida said.

Gains in Fujifilm Holdings Corp and Kao Corp helped to prop up the Nikkei during yesterday's trading, but the index was still down by 0.4 per cent.

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