Japanese stocks closed lower Friday, affected by the decline in shares of Japanese oil companies.
Oil was slightly down in the morning session due to some profit-taking, and Japanese oil firms followed suit. The strengthening Yen was also a factor in the stocks' decline. Historically, Japanese stocks moved in opposite direction to the Yen.
The Nikkei 225 index fell 0.40%, or 67.05 points, to 16,601.36 at the close. The figure is down 0.25% over the week. Banking giant Mitsubishi UFJ was 0.27% higher at 527.6 yen, while industrial robot maker Fanuc dropped 0.48% to 16,730 yen. Toyota rose 0.43% to 5,627 yen while Uniqlo operator Fast Retailing, a market heavyweight, was down 0.42% at 29,815 yen. Energy stocks tumbled as oil prices retreated from 11-month highs, with explorer Inpex slumping 2.91% to 884 yen and refiner JX Holdings 2.92% off at 432 yen.