Japan's Nikkei falls for sixth day ahead of US inflation data, Fed decision
10/09/2024 07:54
(Updates at 0600 GMT)
TOKYO, Sept 10 (Reuters) - 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 .N225 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 .TOPX also gave up early gains to end
0.35% lower at 2,576.54, its fifth straight session losses.
Drug maker Daiichi Sankyo 4568.T 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 AZN.L , did not significantly improve overall
survival in lung cancer patients in a late-stage trial.
Uniqlo-brand owner Fast Retailing 9983.T slipped 0.59% and
medical equipment maker Terumo 4543.T lost 3.19%.
Technology stocks rose, with chip-making equipment maker
Tokyo Electron 8035.T rising 3.53% to become the biggest
support for the Nikkei.
Technology investor SoftBank Group 9984.T rose 1.96%.
Joban Kosan 9675.T 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.
($1 = 143.2800 yen)
(Reporting by Junko Fujita; Editing by Mrigank Dhaniwala and
Sonia Cheema)
((junko.fujita@thomsonreuters.com;))