ASIA MARKETS: Japan Stocks Pull Back After 9 Days Of Gains

By Laura He, MarketWatch

HONG KONG (MarketWatch) -- Japan stocks closed lower on Friday, breaking a nine-session string of gains.

The Nikkei Average dropped 0.3%, but still ended higher for a second straight week. For the week, the index gained 1.4%. Meanwhile, the broader Topix index finished 0.4% lower, while the yen (USDJPY) strengthened, trading at Yen103.734 against the dollar from Yen103.840 a day earlier.

Market movers included electronics giant Panasonic Corporation , falling 1.4%, computer maker NEC Corp. , losing 1.3%, electronics maker Sharp Corporation , down 1.2%, and IT services provider Fujitsu Ltd. , off 1.1%.

Other major Asian markets posted gains.

In Hong Kong, the benchmark Hang Seng Index rose 0.5%, with index heavyweight China Mobile Ltd. advancing 0.6%, after reports said the leading state-owned telecom is creating a new media company and would open the business to private investors as part of its mixed-ownership reform push.

However, Li & Fung Ltd. , a major supplier for the likes of Wal-Mart Stores Inc. (WMT) and Target Corp. (TGT), tumbled 4.6% after its first-half revenue fell short of market expectations.

Elsewhere, Sydney's S&P/ASX 200 inched up 0.1%, the Shanghai Composite Index finished 0.5% higher, and Seoul's Kospi Composite Index snagged a 0.6% gain.

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