Around the World's Markets: Tokyo

THE NIKKEI 225 fell back after hitting a 1999 intraday high in the morning of 17,650.38 to close down 0.22 per cent at 17,431.26.

"The pitch of the Nikkei has been quite steep, so after its gains a slight correction was probably in order," a trader said.

Sony is expected to receive a telecommunications business licence shortly, which would make it the first electronics manufacturer in Japan to offer telecommunications services via its own facilities. Sony gained 1.15 per cent.