Nikkei down after Wall St falls on weak earnings
* Nikkei expected to move between 16,500-17,500 for next few weeks - analyst
* Defensive stocks outperform
By Ayai Tomisawa
TOKYO, Oct 12 (Reuters) - Japanese stocks dropped on Wednesday morning, retreating from a five-week high after Wall Street was hit by weak corporate earnings overnight and as investors braced for Japan Inc.'s reporting season.
The benchmark Nikkei share average fell 0.8 percent to 16,895.42 in midmorning trade, after ending at a level not seen since early September on the previous day.
U.S. shares fell after Alcoa missed its quarterly estimates and cut its revenue forecast.
"Alcoa's result soured sentiment towards U.S. earnings in the beginning of the earnings season," said Isao Kubo, an equity strategist at Nissay Asset Management.
Later in the month, major Japanese companies will also begin releasing earnings for the first half through September.
"Japanese corporate earnings are expected to show weakness (due to a stronger yen), so for the next few weeks, the market will likely be volatile," said Yoshihiro Okumura, general manager at Chibagin Asset Management, adding that the Nikkei is expected to move between 16,500-17,500 for the next few weeks. Continuación...