TOKYO: Tokyo stocks opened flat on
Wednesday, with investors staying on the sidelines after retreats on Wall
Street and before the Bank of Japan's policy meeting.
The benchmark Nikkei 225 index
slipped 0.13 percent, or 30.35 points, to 22,837.65 in early trade while the
broader Topix index was up 0.04 percent or 0.78 points, at 1,815.96.
The market opening was dominated by
selling "after all the major US indices eased on profit taking,"
Okasan Online Securities said.
"After the initial selling runs
its course, a wait-and-see mood will likely to grow ahead of the outcome of the
(BoJ) policy meeting tomorrow," it said in a note.
Bank of Japan policymakers are to
begin a two-day meeting Wednesday, with investors expecting them to stay pat.
BoJ Governor Haruhiko Kuroda is to
speak to reporters Thursday afternoon after the meeting.Wall Street stocks
retreated from records Tuesday, pausing from the euphoria over a tax cut bill.
The most comprehensive revamp of the
US tax code in three decades is heading to the Senate for a decisive vote
expected to take place later Wednesday.Subaru fell 4.46 percent to 3,575 yen
after public broadcaster NHK reported the automaker, already hit by an
inspection scandal, may also have cheated on fuel efficiency data.
The chief executive of Subaru said
Tuesday he and all other executives would return part of their pay until next
March after admitting the group had allowed uncertified staff to conduct
inspections of some vehicles.Banks were higher with Mitsubishi UFJ up 1.99
percent at 834 yen and Sumitomo Mutsui up 2.21 percent at 4,983 yen.
The dollar was trading at 112.96 yen
on Wednesday against 112.86 yen in New York Tuesday afternoon.
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