Tokyo shares end down ahead of US inflation data

TOKYO: Tokyo stocks closed lower on Wednesday as investors awaited the release of US inflation data.

The benchmark Nikkei 225 index lost 0.66 percent, or 258.08 points, to 38,876.71, while the broader Topix index slipped 0.73 percent, or 20.36 points, to 2,756.44.

Investors kept their hands out of the market ahead of the release of US consumer price data and the end of the Federal Reserve’s policy meeting, both to come later on Wednesday.

The Fed is expected to stick with its current programme but economy watchers are focused on the bank’s policy outlook. Market players may also decide to refrain from making bets before the Bank of Japan concludes its own policy meeting on Friday, analysts said. “The market is in a wait-and-see mood to gauge the outlook for Japanese and US monetary policy as they await US CPI, FOMC and the Bank of Japan meeting,” Daiwa Securities said.

The dollar stood at 157.23 yen, little changed from 157.11 yen seen in New York overnight.

Among major shares, Toyota lost 1.38 percent to 3,209 yen. Sony Group fell 1.76 percent to 13,105 yen.

Tokyo Electron lost 0.17 percent to 35,500 yen and Panasonic fell 0.83 percent to 1,318 yen. Heavily weighted Fast Retailing, which runs the Uniqlo brand, lost 2.45 percent to 40,680 yen.