Japan’s Nikkei edged lower in choppy trade on Thursday, led by financial stocks as the U.S. Federal Reserve’s minutes reinforced its dovish policy stance and investors awaited industrial equipment maker Yaskawa Electric’s earnings.
Yaskawa Electric, a manufacturer with large exposure to China, usually kicks off Japanese earnings season and is scheduled to report its annual results later in the day. Yaskawa’s result is used as a lead indicator of Chinese demand and investors are monitoring whether the result will bode well for other Japanese manufactures, traders said.
The Nikkei share average dropped 0.3 percent to 21,627.8 at the midday break, after briefly moving into positive territory as short-term investors were seen buying futures when the dollar edged up to trade above 111 yen.
The Nikkei outperformed the broader Topix, which fell 0.4 percent to 1,600.60.
Source : Reuters