Japan's Nikkei stock average lost 0.8 percent on Thursday, snapping a six-day rising streak as Nippon Yusen and other shippers sank after weak U.S. economic data tempered hopes for a global economic recovery, according to Reuters. Toshiba fell as some investors who bought shares on Wednesday at a public stock offering sold to take profits, market players said. Weaker than expected U.S. data showing that the service sector contracted for the eighth straight month in May as half a million private sector jobs were lost came as a reality check, traders said. "I think everyone realises that the market's bottomed out, but nobody is really confident at this point that things are truly getting better," said Tomomi Yamashita, a fund manager at Shinkin Asset Management. "Investors need more economic data to see what's really going on." The benchmark Nikkei lost 72.71 points to 9,668.96, a day after it hit an eight-month closing high for its sixth straight day of gains. The broader Topix shed 0.4 percent to 910.99. "Hopes for the economy had become too optimistic, and U.S. data yesterday provided an opportunity for profit-taking," said Yumi Nishimura, a deputy general manager of the investment advisory section at Daiwa Securities SMBC. "But the data did not change the view that a recovery is still taking place, and investors' response has been calm."
