TOKYO: Japan’s Nikkei share average edged lower on Wednesday, tracking an overnight pullback on Wall Street from record highs, ahead of a crucial US Federal Reserve interest rate decision later in the day.
The tech-heavy Nikkei ended the day down 0.3 percent at 44,790.38. In the previous session, the benchmark index advanced to a record-high level of 45,055.38.
The broader Topix slid 0.7 percent to 3,145.83, after marking a record high on Tuesday.
The outperformance of chip-sector shares made the difference, as they took cues from the closely watched Philadelphia SE semiconductor index, which rose 0.3 percent to an all-time high on Tuesday. The Nasdaq Composite and S&P 500 also renewed record peaks, but closed the day lower.
Stocks have soared globally as traders cemented bets for a series of near-term US rate cuts, beginning with one later on Wednesday. Market-implied odds signal at least two quarter-point cuts by year-end, and 95 basis points of reductions by end-March.
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