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"The ECB doesn't seem to have stepped up to the plate for bond buying, which I think is negative"
- Shane Oliver, head of investment strategy at AMP Capital Investors Ltd.
Japanese banks were closed on Friday in observance of the Emperor's Birthday.
Japanese stocks fell on Thursday as record borrowing from the European Central Bank showed how deeply the debt crisis has affected the financial system. The Nikkei 225 shed 0.77%, or 64.82 points, to 8,395.16, while the broader Topix lost 0.35%, or 2.56, to 723.12.
Japan's Ministry of Economy, Trade and Industry is to announce its year on year retail sales on Wednesday. Economists expect the reading to increase 0.1 percent in November, compared to the same period last year.