Roundup: Nikkei edges down 0.15 pct after topping 20,000 level for 1st time in 15 yrs

The Nikkei stock index edged down 0. 15 percent Friday after the index breached the psychologically important 20,000 points line for the first time in 15 years in early trade, but the rise was short-lived and profit-taking eventually turned the index negative.

The Nikkei 225 stock average shed 30.09 points to end the week at 19,907.63, while the broader Topix index of all first-section issues lost 0.29 percent, or 4.65 points, to finish at 1,589.54.

On the back of strong closes from U.S. and European bourses overnight, the Nikkei opened brightly and briefly rose as high as 20,006.00, causing a brief round of applause from brokers on the floor, but following the market's recent gains issues were offloaded for profits in later trade ahead of the weekend.

Some analysts said on the back of solid upcoming earnings, the market could rise well beyond 20,000, with others adding that global central bank's accommodative monetary policies have been supporting stock markets around the world and, in Japan, huge institutional investors like the Government Pension Investment Fund (GPIF) have helped the market log weekly increases in eight of the last nine weeks.

"When we look back on this moment, the 20,000 figure should just be a stop along the road. It wouldn't be surprising if better- than-expected earnings lift the Nikkei to 21,000 or 22,000 by year 's end. However, above the 20,000 mark, we might begin to hear voices that stocks are a bit overvalued," said Juichi Wako, a senior strategist at Nomura Holdings Inc.

The U.S. dollar held its ground Friday, changing hands at 120. 53 yen, compared to 120.59 yen logged in New York in late trade on Thursday and, as such, exporters closed mixed.

Consumer electronics giant Sony rose 1.6 percent to 3,677 yen and Fuji Heavy Industries, maker of Subaru brand cars, reversed 1. 1 percent to 4,006 yen.

Pharmaceutical issues came under pressure Friday, with Eisai tumbling 5 percent and Ono Pharmaceutical Co. falling 3.7 percent.

Shipping lines also sank, with Mitsui O.S.K. Lines, closing down 1.9 percent at 400 yen, while Kawasaki Kisen Kaisha Ltd. fell 1.6 percent, following JPMorgan & Chase Co. lowering its rating on the stock from "overweight" to "neutral."

Trading volume on Friday rose to 1.98 billion shares on the Tokyo Exchange's First Section, up from Thursday's volume of 2.04 billion shares, with declining issues beating advancing ones by 969 to 751. Endi