Japan's Nikkei falls as tech stocks drag ahead of Fed meet - Business Recorder

TOKYO: Japan’s Nikkei share average retreated on Monday from a one-week high, as US data showing sticky inflation raised worries that the Federal Reserve may keep interest rates higher for longer.
Tech and other so-called growth shares sagged after US producer price data on Friday suggested inflation could prove more persistent than previously thought, ahead of a consumer price report on Tuesday and the Fed policy decision the following day.
However, Toshiba bucked the trend, rising almost 2% amid reports that Japan Industrial Partners has moved closer to securing bank financing for a buyout.
The Nikkei ended the day 0.21% lower at 27,842.33, after hitting its highest level since Dec. 2 on Friday.
Chip-making equipment giant Tokyo Electron fell 0.98%, and was the biggest drag on the Nikkei, shaving off 15 index points.
Uniqlo store owner Fast Retailing shed nine index points with a 0.31% decline. Online retailer Rakuten Group was the biggest percentage decliner, sliding 3.35%.
Nintendo and Sony were also notable laggards, falling 0.56% and 0.32%, respectively.
The broader Topix slipped 0.22% to 1,957.33. “Japanese investors are worried about prolonged US interest rate increases, and you can see that in the names that are leading declines,” Maki Sawada, a strategist at Nomura, said in a call with journalists.
“But investors really want to see what the FOMC (Federal Open Market Committee) will do, so I don’t expect trading leading up to that to give much indication of market...

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