Japan’s Nikkei fell over 1.0 per cent on Wednesday to its lowest level in nearly nine months amid caution ahead of the US Federal Reserve’s upcoming policy decision.
After swerving in and out of the red in a volatile session, the Nikkei share average was down 0.43 per cent at 21,025.10 at the midday close after going as low as 20,880.73, its weakest since March 28.
The Fed is widely expected to raise interest rates for the fourth time this year after its two-day meeting that is due to end later in the day, reports Reuters.
SoftBank Corp, the wireless unit of SoftBank Group , which had made a $23.5 billion initial public offering, saw its shares slump as much as 10.4 per cent in their debut on Wednesday.
During the IPO period, SoftBank Group suffered a rare nationwide mobile phone service outage. SoftBank Corp’s relationship with Huawei Technologies Co Ltd also came under scrutiny.
SoftBank Corp’s shares were at 1,360 yen at the midday break compared to the IPO price of 1,500 yen. SoftBank Group was down 0.48 per cent.
Mercari Inc shed 4.5 per cent after the Nikkei business daily reported that the company will no longer offer its flea market app in Europe.
The broader Topix was down 0.35 per cent at 1,557.01 after brushing 1,546.99, its lowest since May 2017.
Of the Tokyo Stock Exchange’s 33 sub-sectors, 22 were in negative territory.