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Tokyo stocks fall after recent rally, Greek deal factored in.

TOKYO, Feb. 21 Kyodo

Tokyo stocks fell Tuesday due to selling by investors who grew cautious of the fast-paced gains in recent sessions, while reaction was muted to the long-awaited deal on Greek debt as it had already been factored in.

The 225-issue Nikkei Stock Average ended down 22.07 points, or 0.23 percent, from Monday at 9,463.02, retreating from a six-and-a-half month closing high the previous day. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 2.74 points, or 0.33 percent, lower at 816.29.

Decliners were led by the real estate, air transport and electricity and gas sectors. Gainers included the construction, services and retails sectors.

Brokers said Tokyo stocks were prone to selling due to some technical signs of the market's overheating following their recent advances, after the Nikkei index rose on five of the previous six trading days.

Although stocks briefly turned higher at the outset of afternoon trade on news that eurozone finance ministers reached an agreement on a second bailout package for debt-ridden Greece, buying momentum subsided as the majority of participants had already priced in the Greek deal, brokers said.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Feb 21, 2012
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