Japan stocks drop ahead of Fed; results in focus

By V. Phani Kumar

HONG KONG (MarketWatch) — Japanese stocks retreated Wednesday as several exporters and utilities declined amid a firmer yen and caution ahead of the Federal Reserve’s policy decision later in the day, although Softbank Corp. and KDDI Corp. shares jumped after reporting results. The Nikkei Stock Average JP:NIK -1.29% gave up 1.1% and the broader Topix JP:I0000 -0.71% shed 0.7%. Shares of Fast Retailing Co. slid 3.6% and Suzuki Motor Corp. gave up 3.9%. Earnings were in the focus, with Softbank Corp. JP:9984 +3.49% SFTBF +3.31% rising 3.3% after more than doubling its quarterly profit, and fellow telecommunication firm KDDI JP:9433 +7.91% KDDIY +5.53% spiked 5.9% after also reporting results. In other earnings-driven moves, Fujitsu Ltd. JP:6702 -2.84% FJTSY +6.35% fell 2.6%, Japan Tobacco Inc. JP:2914 +1.01% rose 0.7% and Tokyo Electron Ltd. JP:8035 +3.72% TOELY -3.55% shed 1.3%. Tokyo Electric Power Co. JP:9501 -3.62% TKECY +3.34% slid 3.6% amid concerns over resistance to its planned restart of a nuclear power plant. Toyota Motor Corp. JP:7203 -0.99% TM +1.95% fell 1.3% amid broader market weakness, despite a Nikkei newspaper report it plans to manufacture more than 10 million vehicles worldwide this year.

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