Nikkei falls to 2-1/2 week low on caution over Greece, Fed

lunes 8 de junio de 2015 22:23 GYT
 

* Japanese market taking breather after rally - analyst
    * Investors cautious ahead of Fed meeting
    * Concerns over Greece remains drag on market

    By Ayai Tomisawa
    TOKYO, June 9 (Reuters) - Japan's Nikkei share average slid
to a 2-1/2-week low on Tuesday morning pressured by worries
about Greece's precarious financial position, while the prospect
of a September lift-off for U.S. interest rates also sapped
confidence. 
    The Nikkei 225 dropped 0.7 percent to 20,304.99 in
mid-morning trade after falling to a low of 20,277.43, the
weakest level since May 22.
    Market sentiment was bruised by speculation of a U.S. rate
increase as early as September and persistent caution over
Greece where debt talks showed no signs of producing a
breakthrough.
    "Investors are looking to trim positions before the widely
focused FOMC meeting," said Jun Yunoki, a strategist at Nomura
Securities, noting the 5 percent rally over the past month
allowed for a breather. 
    He expects the market to start pushing higher after domestic
events, such as shareholders' meetings, are completed later this
month.
    Next week, the U.S. Federal Reserve's Federal Open Market
Committee (FOMC) holds a two-day meeting on interest rates. The
event will be closely monitored for any hints on policy track
after Friday's solid U.S. jobs data for May bolstered the case
for a rate increase in September.
    Meanwhile, the Greek government said it was ready to
negotiate a settlement acceptable to both sides by the end of
this month, just three days after Prime Minister Alexis Tsipras
told his parliament the latest proposal from the EU and IMF was
"absurd".
    Yet there was no new proposal from Athens that its creditors
could agree to, an EU official said. <ID:nL5N0YU2T7>
    Exporters were down, with Honda Motor Co falling
1.0 percent, Fuji Heavy Industries shedding 1.7 percent
and Advantest Corp off 2.3 percent.
    Bucking the broad market, West Japan Railway soared
2.5 percent after Barclays Capital raised its rating to
'overweight' from 'equal-weight', citing the company's likely
higher profits followed by higher shareholder returns in the
next few years.
    The broader Topix dropped 0.7 percent to 1,651.20
and the JPX-Nikkei Index 400 shed 0.7 percent to
14,913.23.