Japan stocks down on profit booking

Japan share market closed down in volatile but in thin trading on Thursday, 24 December 2015, due to profit booking after being closed on Wednesday for the Emperor's birthday. Tokyo market opened higher, but equity gauges failed to hold momentum as investors' sentiment turned cautious after Japanese Prime Minister Shinzo Abe's cabinet approved on Thursday a record fiscal 2016 budget that counts on higher growth and tax revenue to achieve Abe's aim of reviving the economy and reining in public debt. Minutes of the Bank of Japan's November rate review released earlier in the session showed that many policymakers complained of slow wage and capital expenditure growth, but were optimistic that companies will start to boost spending once emerging economies improve. The 225-issue Nikkei Stock Average declined 97.01 points, or 0.51%, to 18789.69. The Topix index of all Tokyo Stock Exchange First Section issues sank 9.98 points, or 0.65%, to 1523.62.

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