RTTNews - A weak open is expected Wednesday for Japan stocks, following Wall Street's tepid session overnight. U.S. stocks were mixed, with traders awaiting Wednesday's rate decision from the Federal Reserve.
Japan stocks moved sharply lower on Tuesday, with exporters hard hit by the yen's climb to a three week high against the U.S. dollar. The World Bank's forecast of a weaker global economy also sent commodities prices tumbling.
The benchmark Nikkei 225 Average lost 276.66 points or 2.82 percent to close at 9,549.61.
Among the Nikkei component stocks, there were 14 closing higher, 209 were lower and 2 finished unchanged.
The broader Topix index closed down 20.79 points or 2.3 percent at 901.69.
The major financial companies were hard hit, with Mitsubishi UFJ down 14 yen or 2.28 percent, Mizuho Financial was down 10 yen or 4.02 percent, Sumitomo Mitsui was down 110 yen or 2.63 percent. Resona Holdings managed a gain of 12 yen or 0.87 percent.
Elsewhere in the financial sector, Nomura Holdings was down 44 yen or 5.35 percent.
Among the auto makers, Fuji Heavy Industries was down 16 yen or 4.30 percent, Honda dropped 30 yen or 1.16 percent, Mazda shed 12 yen or 4.78 percent, Nissan was down 28 yen or 4.67 percent and Toyota was down 90 yen or 2.45 percent.
Among the resources stocks, Sumitomo Metal Mining was down 87 yen or 6.16 percent, Toho Zinc was down 20 yen or 5.01 percent and Oil explorer Inpex was down 33,000 yen or 4.41 percent.
In overseas trading, stocks on Wall Street were little changed in advance of the following day's rate decision by the Federal Reserve. The Fed is generally expected to leave rates on hold. At the closing bell, the Dow Jones Industrial Average was down 16.10 points or 0.19 percent at 8,322.91, the Nasdaq Composite index was up 2.06 points or 0.07 percent at 1,764.92 and the Standard & Poor's 500 index was up 2.06 points or 0.23 percent at 895.10.
All of the major markets in the Asia/Pacific region closed lower on Tuesday.
The Hang Seng index in Hong Kong declined 521.18 points or 2.89 percent to 17,538.37.
China's Shanghai Composite index fell 3.61 points or 0.12 percent to 2,892.70.
In India, the BSE 30 index dropped 2.21 points or 0.02 percent to 14,324.01.
The Jakarta Composite index in Indonesia was down 60.64 points or 3.07 percent to 1,914.39.
South Korea's KOSPI/Seoul Composite index fell 39.17 points or 2.80 percent to 1,360.54.
The Taiwan Weighted Index was down 143.74 points or 2.27 percent to 6,197.47.
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