January 12, 2018 / 6:27 AM / a year ago

Nikkei edges lower; Fast Retailing's gains limit losses

TOKYO, Jan 12 (Reuters) - Japan's Nikkei share average edged lower on Friday as weakness in exporters weighed on the index, but strong gains in index-heavy Fast Retailing on record quarterly profit limited the losses.

The Nikkei ended 0.2 percent lower at 23,653.82, slightly below its 5-day moving average of 23,743.39. For the week, it dropped 0.3 percent.

Fast Retailing Co jumped 6 percent and contributed a hefty 104 positive points to the Nikkei after it posted a 28.6 percent surge in its operating profit to 113.9 billion yen ($1 billion) for the first quarter.

Exporters took a hit as the yen stayed on the stronger side. The dollar was at 111.22 yen after plumbing a six-week low of 111.05 yen on Thursday.

Olympus tumbled 3.8 percent, Kyocera dropped 1.7 percent and Nissan Motor declined 0.8 percent.

The broader Topix declined 0.6 percent to 1,876.24. (Reporting by Ayai Tomisawa; Editing by Amrutha Gayathri)

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