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STOCKS-JAPAN-CLOSE LEAD
Tokyo stocks edge down before Fed meeting
TOKYO, March 19, 2019 (BSS/AFP) – Tokyo stocks inched down Tuesday on profit-
taking, as investors braced for a policy meeting by the US Federal Reserve.
The benchmark Nikkei 225 index slipped 0.08 percent, or 17.65 points, to
close at 21,566.85 while the broader Topix index was down 0.21 percent, or
3.45 points, at 1,610.23.
Shares remained under moderate pressure throughout the session as investors
cashed in on recent gains, brokers said.
“Trading was thin as a wait-and-see mood grew ahead of the FOMC (Federal
Reserve) meeting,” said Shinichi Yamamoto, broker at Okasan Securities in
Tokyo.
“Players in Japan in particular did not want to take risks as Tokyo markets
will be closed” on Thursday for a national holiday, Yamamoto told AFP.
The Fed will have an opportunity to weigh in on Wednesday as it wraps up
the meeting that is expected to keep interest rates unchanged and could
signal fewer rate increases in 2019.
The dollar was changing hands at 111.26 yen in Asian afternoon trade
against 111.41 yen in New York Monday afternoon.
In Tokyo, utilities fell on expectations that higher oil prices could
increase costs. Tokyo Electric Power lost 2.11 percent to 693 yen and Tokyo
Gas dropped 1.25 percent to 3,080 yen.
Nintendo fell 1.65 percent to 31,490 yen with Sony down 0.44 percent at
5,124 yen.
BSS/AFP/SR/2030 HRS