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Tokyo: Stocks close lower ahead of earnings

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[TOKYO] Tokyo stocks closed lower on Wednesday as investors remained cautious amid corporate earnings season and ahead of an unprecedented 10 days of holidays next week.

The benchmark Nikkei 225 index lost 0.27 per cent or 59.74 points to end at 22,200.00, while the broader Topix index fell 0.67 per cent or 10.92 points at 1,612.05.

"Investors locked in profits following lackluster moves of Chinese shares," strategist Yoshihiro Ito of Okasan Online Securities said in a commentary.

"Selling pressure also emerged ahead of the 10-day holidays," he said, adding traders were trying to evaluate corporate earnings reports.

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The US dollar fetched 111.80 yen in Asian trade, against 111.85 yen in New York.

In Tokyo share trading, Nissan dropped 3.99 per cent to 904.9 yen as traders braced for a fresh profit warning that came after the closing bell.

Nissan downgraded its projection for net profit in the fiscal year to March 2019 from 410 billion yen (S$4.98 billion) to 319 billion yen.

Utility firms were lower with Kansai Electric plunging 7.82 percent to 1,443.5 yen and Kyushu Electric 5.28 percent to 1,094 yen.

The losses stemmed from a threat by Japan's nuclear watchdog to shut down plants if operators failed to implement anti-terror measures by a set deadline.

Meanwhile, precision motor maker Nidec was up 0.76 per cent to 15,870 yen after it announced a 15-per cent decline in its full-year net profit.

However, the firm forecast a 21-per cent growth in net profit for the current year to March 2020.

AFP