Around the World's Markets: Tokyo

Thursday 08 July 1999 23:02 BST

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THE JAPANESE stock market closed flat after an early rally, helped by record gains in New York overnight, faltered as traders rushed to cash in their profits.

The Nikkei 225 average ended the day up 8.75 points or 0.05 per cent, at 17,967.65.

September Nikkei futures finished 80 points lower at 17,920. "Since the market was somewhat overbought, it isn't surprising to see it marking time," said Hiroshi Arano, director at Dai-Ichi Kangyo Asset Management.

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