Tokyo Nikkei down at midday, hurt by policy delay
TOKYO, Nov 5 (Reuters) - Tokyo's benchmark Nikkei average closed Thursday's morning session a tad lower, as the previous day's buying spree was watered down by disappointment at a possible delay in the government's tax cut plans, traders said.
The 225-share Nikkei average was down 83.07 points or 0.57 percent at 14,444.74 at midday. It briefly climbed as high as 14,625.15. December Nikkei futures were down 10 at 14,440.
''Profit-taking emerged after yesterday's sharp rise,'' said Masao Miwa, a senior broker at Dai-Ichi Securities Co Ltd.
Following a four percent rise in the Nikkei average on Wednesday, a newspaper report that the government and ruling party would delay plans to cut income taxes and taxes on housing until next January prompted profit-taking on Thursday.
''The report disappointed us a lot,'' Miwa said.
But traders also said the downside of the market was limited, as participants were waiting to see government proposals for fresh economic stimulus steps to be released later this month.
The Nikkei average opened higher, supported by the upward trend in Wall Steet stocks. On Wednesday, the Dow Jones Industrial Average ended up 76.99 points or 0.88 percent at 8,783.14.
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