Nikkei falls in choppy trade, investors wary ahead of Fed
* Retail investors' margin buy-positions highest in 4 months * Big market cap shares take a breather By Ayai Tomisawa TOKYO, June 17 (Reuters) - Japanese stocks fell to a one-week low in choppy morning trade on Wednesday, as investors were reluctant to build fresh positions ahead of the outcome of the U.S. Federal Reserve's policy meeting. The Nikkei share average declined 0.5 percent to 20,165.53 in midmorning trade after opening higher, dropping to a low of 20,137.33 at one point - the weakest since June 10. The Fed's statement later on Wednesday is followed by Chair Janet Yellen's news conference where every syllable will be dissected for clues on the lift-off date for interest rates. "Sentiment is tense, so investors do not want to buy major shares like exporters and banks," said Hikaru Sato, a senior technical analyst at Daiwa Securities. Toyota Motor Corp fell 0.7 percent and Nissan Motor Co dropped 0.4 percent. Mitsubishi UFJ Financial Group shed 0.7 percent while Sumitomo Mitsui Financial Group declined 1.8 percent. Home products seller Arcland Sakamoto, whose main shareholders are retail investors, fell as much as 5.0 percent after its first quarter result disappointed investors. Sato said the debt-talks drama in Greece have also sapped risk appetite. In Athens, Prime Minister Alexis Tsipras accused Greece's creditors on Tuesday of trying to "humiliate" Greeks with more cuts as he defied a growing drumbeat of warnings that Europe was preparing for his country to leave the euro. Meanwhile, some traders are worried that retail investors' rising margin buy-positions could lead to a large correction. Retail investors margin buy-positions increased to 3.1 trillion yen as of last Friday, a Japan Exchange Group data shows, the highest level in four months. "It is unlikely that there will be a big market impact if retail investors sell," but a negative global event could trigger a big sell-off, a trader at a Japanese brokerage said. The broader Topix dropped 0.2 percent to 1,636.10 and the JPX-Nikkei Index 400 shed 0.2 percent to 14,759.84. (Editing Shri Navaratnam)
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