Nikkei weakens amid capital-raising rush

TOKYO: Japan's Nikkei stock average fell 0.6 per cent on Wednesday to its lowest close in six weeks, as concerns about banks and property firms joining a rush to tap the equity market for capital weighed on shares in those sectors.

Japan Airlines Corp's stock tumbled to its lowest level since the firm's 2002 re-listing after the nation's transport minister declined to rule out a court-led bankruptcy for the troubled airline.

The 1 trillion yen share issue is a record for a Japanese financial firm and is Japan's biggest fund-raising in at least nine years.

The benchmark Nikkei lost 53.13 points to 9,676.80, its lowest close since October 5. The broader Topix lost 0.8 per cent to 850.06, its lowest close since May.