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Nikkei dips on Golden Week selling, weak data

TOKYO (Reuters) - The Nikkei average lost 0.17 percent on Friday as investors booked profits on tech shares such as Fanuc Ltd. and other gainers ahead of holidays, offsetting gains in automakers that benefited from a weaker yen.

Some investors also shifted funds out of stock futures and into Japanese bond futures after inflation and industrial output data increased doubts about how soon the Bank of Japan will be able to raise interest rates.

Nikko Cordial Corp. gained nearly 3 percent after Citigroup said it secured 61 percent of Nikko's voting stock in a tender bid that expired on Thursday.

The takeover of Japan's No.3 brokerage will cost about $7.7 billion, making it Citigroup's second-biggest deal outside the United States.

With the earnings season nearing its peak, company reports continue to be a major factor in trading decisions.

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FOREX: Ringgit Lower US Dollar

KUALA LUMPUR, Feb 28 (Bernama) -- The ringgit closed lower against the US dollar and most major currencies Wednesday as market players continued to buy the greenback to fulfil the commercial demand, dealers said. At the close, the ringgit was quoted at 3.5000/5020 compared with 3.4935/4965 Tuesday. Dealers said the ringgit's current movements were influenced by the recent Bank Negara Malaysia's decition to maintain its overnight policy rate at 3.5 percent. Against the Singapore dollar, the ringgit depreciated to 2.2893/2929 compared with 2.2881/2916 Tuesday and against the yen it fell to 2.9559/9590 from 2.9212/9245 previously. The local unit strengthened against the British pound to close at 6.8452/8521 compared with 6.8637/8717 Tuesday. It declined against the euro to close at 4.6206/6256 from 4.6170/6220 previously.