Around the World's Markets: Tokyo

JAPANESE STOCKS closed modestly lower after succumbing to a bout of profit taking late in the trading session. The Nikkei 225 ended marginally below the psychologically-important 17,000 level at 16,918.51. The index had spent much of the day above 17,000 amid strong domestic demand for high-technology and telecommunications shares.

One trader said: "With holidays about to begin and a lack of fresh ingredients, the index did well to move above 17,000."