Japan's Nikkei slips ahead of Fed; automakers, Fujifilm retreat

  • Reuters
  • Stock Market News
Japan's Nikkei slips ahead of Fed; automakers, Fujifilm retreat
Credit: © Reuters.

TOKYO, May 2 (Reuters) - Japan's Nikkei share average slipped on Wednesday amid caution ahead of the Federal Reserve's policy decision and U.S. jobs data, although the dollar's rise against the yen and positive sentiment toward tech stocks helped curb some of the losses.

The Nikkei .N225 ended the day down 0.16 percent at 22,472.78 and the broader Topix .TOPX dropped 0.15 percent to 1,771.52.

Japanese markets will be closed on Thursday and Friday for public holidays, leaving Wednesday as the last day for investors to unwind some of their positions ahead of the Fed's decision later in the global day. On Friday, U.S. jobs data will be released.

Automakers slipped after several posted weaker new U.S. vehicle sales in April with consumer demand in the world's largest economy continuing to soften. Motor Corp 7203. , which posted a 4.7 percent decline in April U.S. sales, slipped 0.4 percent. Nissan Motor Co 7201.T dropped 2 percent after its April U.S. sales fell 28 percent and Honda Motor Co 7267.T was down 2.3 percent after its April U.S. sales declined 9.2 percent.

Fujifilm Holdings Corp 4901.T slid 5.4 percent after Xerox Corp (NYSE: XRX ) XRX.N said its CEO and several board members will step down to settle a suit brought by activist shareholders who had opposed a $6.1 billion deal with Fujifilm. firms were buoyant after Apple Inc's AAPL.O March quarter results topped Wall Street forecasts. parts manufacturer Murata Manufacturing Co 6981.T gained 1.4 percent, electronic material maker TDK Corp 6762.T climbed 0.8 percent and industrial tape and LCD manufacturer Nitto Denko Corp 6988.T advanced 5 percent.

A weaker yen also helped exporter stocks. Chip equipment maker Advantest Corp 6857.T rose 2.2 percent. Construction machinery maker Takeuchi Mfg Co 6432.T gained 1.5 percent and printer manufacturer Seiko Epson Corp 6724.T added 3.3 percent.

Of Tokyo's 33 subsectors, 20 were in the red, with oil and coal products .IPETE.T leading the decliners after an overnight slide by crude prices to two-week lows.

Petroleum and natural gas developer Inpex Corp 1605.T shed 2.4 percent, refiner Idemitsu Kosan Co 5019.T lost 5.6 percent and petroleum and metals conglomerate JXTG Holdings Inc 5020.T was down 3.1 percent.

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