Japan’s Nikkei fell for a sixth day ahead of US inflation data, Fed decision

Japan’s Nikkei share average fell for a sixth straight session on Tuesday as investors remained cautious ahead of a U.S. inflation report and a Federal Reserve policy decision.

The Nikkei closed down 0.16% at 36,159.16. The index rose as much as 0.9% earlier in the session as investors snapped up cheap stocks after the recent sell-off.

“The market was cautious ahead of the outcome of the Fed’s policy decision, while we have the Bank of Japan’s policy meeting this month,” said Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Intelligence Laboratory.

The market is now awaiting the US Consumer Price Index (CPI) report, due on Wednesday. The Fed’s policy decision is expected next week.

“Investors sold local stocks as they braced for Wall Street’s decline later in the day as US stock futures fell during Asia trade,” Suzuki said.

The broader topics also gave up early gains to end 0.35% lower at 2,576.54, its fifth straight session loss.

Drugmaker Daiichi Sankyo cited 8.64% to become the top drag on the Nikkei after a trial showed an experimental drug, which the firm developed jointly with UK-based AstraZeneca, did not significantly improve overall survival in lung cancer patients in a late-stage trial. .

Uniqlo-brand owner Fast Retailing fell 0.59% and medical equipment maker Terumo fell 3.19%.

Technology stocks rose, with chip-making equipment maker Tokyo Electron rising 3.53% to be the biggest support for the Nikkei.

Technology investor SoftBank Group rose 1.96%.

Joban Kosan rose 8.83% after the operator of a Hawaiian-themed resort complex in Fukushima said Fortress Investment Group would buy the firm for about 14 billion yen ($98 million) in a public tender offer.

Of the Nikkei’s 225 constituents, 86 stocks advanced and 138 declined, with one flat.