Japan: Market falls on Fed rate hike woes

The 225-issue Nikkei Stock Average index fell 100.91 points, or 0.37%, to finish at 27,501.86.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 5.35 points, or 0.27%, to 1,987.74.

Total 24 of 33 TSE sectors were lower, with Services, Precision Instruments, Real Estate, Machinery, and Warehousing & Harbor Transportation Services issues being notable losers, while Insurance, Iron & Steel, Banks, and Glass & Ceramics Products issues were notable gainers.

Wall Street ended mixed Tuesday after inflation slowed to 6.4% in January from the previous month's 6.5%. That was down from June's three-decade high of 9.1% but hotter than the consensus expectation of 6.2%. Core inflation, which strips out more volatile food and energy prices to give a clearer view of the trend, rose to 0.4% over a month earlier from December's 0.3%.

Toshiba was down 1.7% at 4,410 yen after it said its operating profit for the October-December quarter declined due partly to weak sales in the electronic devices and storage solutions segment.

CURRENCY NEWS: Japanese yen depreciated to lower 133 level against greenback. The dollar stood at 133.26 yen in late Tokyo trading Wednesday, up 0.12% from 133.11 on Tuesday, after trading in the range of 132.55-133.50.

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