Japan's Nikkei little changed; Fed meet, domestic earnings in focus

ORIENTAL LAND

31/01/2023 03:07

TOKYO, Jan 31 (Reuters) - Japan's Nikkei index was
largely unchanged on Tuesday, as the market showed little
direction ahead of the outcome of the U.S. Federal Reserve's
policy meeting and as corporate results showed mixed trends.
    The Nikkei share average  .N225  slipped 0.01% to 27,429.59
by the midday break after rising as much as 0.2% earlier in the
session. The index is set to post a 5.12% monthly gain, the best
since October.
    The broader Topix  .TOPX  inched up 0.04% to 1,983.19.
    "Investors are cautions ahead of the FOMC (Federal Open
Market Committee) and U.S. jobs data," said Shoichi Arisawa,
general manager of the investment research department at
IwaiCosmo Securities.
    "At the peak of the earnings season in Japan, investors
focus is on individual stocks, rather than the overall move,
which is why the market has no direction. Those with good
outlook rose and those with dim fell." 
    U.S. economic data scheduled to be released this week
includes readings on consumer confidence, construction spending,
and unemployment, and those are expected to factor into whether
the Fed will conclude its rate hikes in March.  US/ 
    Among individual stocks, Canon  7751.T  lost 2.1% after the
camera maker's annual operating profit forecast disappointed
investors.
    Oriental Land  4661.T  jumped 3.07% after the operator of
the Tokyo Disney Resort raised its annual net profit forecast.
    Nissan Motor  7201.T  rose 2.07% after the Japanese
automaker and its French partner Renault SA  RENA.PA  announced
a sweeping overhaul of their two-decade-old alliance putting
them on equal footing.
    The banking sector  .BNKS.T  lost 1.51% to become the worst
sector of the 33 industry sub-indexes, followed by the oil
explorers  .IMING.T  and refiners  .IPETE.T , which lost 1.49%
and 1.08%, respectively.
 (Reporting by Junko Fujita; editing by Uttaresh.V)
 ((junko.fujita@thomsonreuters.com;))