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

TOKYO: Japan's Nikkei share average slipped on Wednesday amid caution ahead of the Federal Reserve's policy decision and US jobs data, although the dollar's rise against the yen and positive sentiment toward tech stocks helped curb some of the losses.

The Nikkei ended the day down 0.16 per cent at 22,472.78 and the broader Topix dropped 0.15 per cent 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, US jobs data will be released.

Automakers slipped after several posted weaker new US vehicle sales in April with consumer demand in the world's largest economy continuing to soften.

Toyota Motor Corp, which posted a 4.7 per cent decline in April US sales, slipped 0.4 per cent. Nissan Motor Co dropped 2 per cent after its April US sales fell 28 per cent and Honda Motor Co was down 2.3 per cent after its April US sales declined 9.2 per cent.

Fujifilm Holdings Corp slid 5.4 per cent after Xerox Corp 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.

Technology firms were buoyant after Apple Inc's March quarter results topped Wall Street forecasts.

Electronics parts manufacturer Murata Manufacturing Co gained 1.4 per cent, electronic material maker TDK Corp climbed 0.8 per cent and industrial tape and LCD manufacturer Nitto Denko Corp advanced 5 per cent.

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

Of Tokyo's 33 subsectors, 20 were in the red, with oil and coal products leading the decliners after an overnight slide by crude prices to two-week lows.

Petroleum and natural gas developer Inpex Corp shed 2.4 per cent, refiner Idemitsu Kosan Co lost 5.6 per cent and petroleum and metals conglomerate JXTG Holdings Inc was down 3.1 per cent.