Japan’s Nikkei pulls back from two-month high as Nintendo and energy stocks weigh

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By Kevin Buckland

TOKYO, Nov 9 (Reuters) – Japan’s Nikkei closed lower on Wednesday, after hitting a nearly two-month high in the last session, as Nintendo tumbled on weak earnings as cautious investors now await US inflation data to gauge the future Federal Reserve rate. -hiking trail.

The Nikkei stock average accelerated its declines during the afternoon session to close down 0.56% at 27,716.43, retreating from a high of 27,943.27 hit on Tuesday. , its highest intraday level since mid-September.

The broader Topix lost 0.41% to 1,949.49.

Video game maker Nintendo fell 7.1% after slashing sales forecasts for its Switch console by 10%. It is the worst performing Nikkei stock after electric vehicle battery maker GS Yuasa, which plunged 7.42% after disappointing investors with its own financial results.

Energy stocks also fell amid falling crude prices, ranking worst among Nikkei sectors, falling 2.67%.

“Before CPI, investors shifted to a wait-and-see attitude,” said Takuro Hayashi, head of the investment research center at IwaiCosmo Securities.

“Buying continues for chip-related stocks and companies posting good earnings, so the market backdrop isn’t bad.”

Of the Nikkei’s 225 components, 99 rose versus 121 which fell, including five flats.

Chip-making equipment maker Tokyo Electron was the top performer in terms of index points, contributing about 23 points to the Nikkei’s rise with a 1.62% lead.

Motorcycle maker Suzuki rebounded 3.52% after reporting a positive earnings surprise. (Reporting by Kevin Buckland; Additional reporting by Tokyo Markets Team; Editing by Rashmi Aich and Uttaresh.V)

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