MoneyNewsTop News

Nikkei falls ahead of US Central Bank decision

JAPAN (OBSERVATORY) –┬áJapan’s Nikkei average fell on Wednesday amid cautious ahead of the Federal Reserve’s decision and US jobs data, but the rise of the dollar against the yen and positive sentiment toward technology stocks helped curb losses.

The Nikkei fell 0.16 percent to close at 22,472.78.

The broader Topix index <.TOPX> was down 0.15 percent at 1,771.52.

The Japanese market closes on Thursday and Friday for a public holiday, which means Wednesday was the last chance for investors to liquidate their positions ahead of the US central bank’s decision. US jobs data are due on Friday.

Car stocks fell, with many of them posting lower US sales in April as consumer demand in the world’s largest economy continues to decline.

Toyota Motor fell 0.4 percent. The company posted a 4.7 percent decline in sales in the United States in April.

Nissan Motor fell 2 percent after sales in the United States fell 28 percent in April.

Honda Motor dropped 2.3 percent after April sales in the US fell 9.2 percent.

Fujifilm fell 5.4 percent after Xerox Corp announced its chief executive and several board members would settle a lawsuit filed by active shareholders who opposed a $ 6.1 billion deal with Fujifilm.

Technology shares rose after Apple posted quarterly results for the quarter ending March better than Wall Street forecasts.

Morata, the electronics maker, rose 1.4 percent, while electronics maker TDK Corp. gained 0.8 percent.

The yen’s decline was boosted by export stocks. Shares in Advantest Corp rose 2.2 percent. Construction machinery maker Takuchi rose 1.5 percent, while printer maker Saiko Epson Corp rose 3.3 percent.

Twenty sub-indices fell from 33 indexes on the Tokyo Stock Exchange and oil and coal producers were the top losers after crude prices fell to a two-week low on Tuesday.

Inpex Corp, which is engaged in oil and natural gas exploration, lost 2.4 percent while Edemitsu Kosan Refining fell 5.6 percent.