TOKYO: Japan’s Nikkei share average fell for a sixth straight session on Tuesday as investors exercised caution ahead of the U.S. inflation report and the Federal Reserve’s policy decision.
The Nikkei ended 0.16% lower at 36,159.16. The index rose as much as 0.9% earlier in the session as investors scooped up cheaper stocks after recent sell-offs.
“The market was cautious ahead of the outcome of the Fed’s policy decision, while we have the Bank of Japan’s policy meeting this month,” said Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Intelligence Laboratory.
The market is now awaiting the U.S. consumer price index (CPI) report, due on Wednesday. The Fed’s policy decision is expected next week.
“Investors sold domestic stocks as they braced for Wall Street’s decline later in the day as U.S. stock futures were falling during Asia trade,” Suzuki said.
The broader Topix also gave up early gains to end 0.35% lower at 2,576.54, its fifth straight session losses.
Tech leads Japan’s Nikkei lower
Drug maker Daiichi Sankyo tanked 8.64 % to become the top drag on the Nikkei after trials showed an experimental drug, which the firm has jointly developed with UK-based AstraZeneca, did not significantly improve overall survival in lung cancer patients in a late-stage trial.
Uniqlo-brand owner Fast Retailing slipped 0.59% and medical equipment maker Terumo lost 3.19%.
Technology stocks rose, with chip-making equipment maker Tokyo Electron rising 3.53% to become the biggest support for the Nikkei.
Technology investor SoftBank Group rose 1.96%.
Joban Kosan surged 8.83% after the operator of the Hawaiian-themed resort complex in Fukushima said Fortress Investment Group would buy the firm for about 14 billion yen ($98 million) in a public tender offer.
Of the 225 Nikkei components, 86 stocks rose and 138 fell, with one ending flat.
Source: Brecorder
