Nikkei slips after BOJ-inspired rally, Softbank tumbles on profit warning

martes 4 de noviembre de 2014 22:15 GYT
 

* Nikkei steps back from strong gains in last two days
    * Softbank down after profit forecast cut by $1 billion
    * Weak yen helps exporters

    By Thomas Wilson
    TOKYO, Nov 5 (Reuters) - Japanese stocks stepped back on
Wednesday morning as heavyweight Softbank tumbled after slashing
its profit forecast, while the broader market took a breather
after outsized gains inspired by a fresh stimulus drive by the
Bank of Japan.
    The Nikkei benchmark soared 7.5 percent in the last
two trading days, sending the index to its highest point since
before the collapse of Lehman Brothers.
    Tuesday also saw the second highest turnover of shares on
record, as investors cheered the BOJ's policy announcement on
Friday, as well as the Government Pension Investment Fund's
decision to increase its allocation of funds to domestic stocks.
    The Nikkei slipped 0.3 percent to 16,809.40 at 0127 GMT, but
hovered around 7-year highs.  
    "The market's slack after the last couple of days. We're
seeing investors taking profits this morning," said Takashi
Hiroki, chief strategist at Monex in Tokyo.
    Dragging the Nikkei down some 32.5 points was heavyweight
Softbank Corp, which fell 2.4 percent. The fast-growing
telecom firm slashed around $1 billion off its annual profit
forecast as Sprint Corp, the U.S. carrier it bought last
year, sheds customers. [ID: nL4N0SU330]
    On the positive ledger, Honda Motor Co Ltd jumped
1.8 percent, while Nikon added 1.3 percent. Nissan
Motor Co Ltd advanced 1.0 percent after it beat second
quarter operating profit estimates.
    Investors are also focused on key earnings reports from the
likes of Toyota Motor Corp and e-commerce firm Rakuten
Inc, both due after the closing bell. 
    A pause in the dollar's recent rally, which gave the yen
some breathing space after a bruising selloff following the BOJ
jolt, kept some exporters subdued.
    The dollar bought 113.66 yen, moving away from the
seven-year high of 114.21 reached on Monday. 
    Overall, market players expect Friday's announcements to
continue to underpin the market, with the real estate and
financial sectors picked as major beneficiaries. 
    "The BOJ has put to rest any concerns about (Governor
Haruhiko) Kuroda's commitment to achieving his target," said
Stefan Worrall, director of equities cash sales at Credit
Suisse, referring to the central bank's commitment to meeting
its 2 percent inflation goal in fiscal 2015.  
    "The BOJ and GPIF are going to have to be doing a lot of
buying of Japanese equities." 
    The broader Topix was down 0.5 percent at 1,361.85,
while the JPX-Nikkei Index 400 lost 0.3 percent to
12,475.73.

 (Reporting by Thomas Wilson)