Nikkei snaps 5-day winning streak as market wary before Fed outcome
TOKYO, Sept 16 (Reuters) - Japanese stocks broke a five-day winning streak on Tuesday as most investors stayed on the sidelines ahead of this week's outcome of the Federal Reserve meeting, though SoftBank jumped on news of strong demand for Alibaba's initial public offering in the United States. The Nikkei share average dropped 0.2 percent to 15,911.53. SoftBank Corp soared 3.5 percent and contributed hefty 34.28 points to the Nikkei after Alibaba Group Holding Ltd IPO-BABA.N raised the price range on its initial public offering to $66 to $68 on Monday because of hefty investor demand. SoftBank owns more than a 30 percent stake in Alibaba. The Fed's Open Market Committee two-day policy meeting begins later in the day, and global markets are keenly awaiting clues on the timing of the first U.S. rate hike in more than eight years. The broader Topix dropped 0.2 percent to 1,310.86, and the JPX-Nikkei Index 400 slid 0.3 percent to 11,872.99. (Reporting by Ayai Tomisawa; Editing by Shri Navaratnam)
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