Nikkei edges lower after sharp gain

in News 
TOKYO, June 1 (Reuters) - The Nikkei benchmark edged down on
Wednesday as investors moved to take profits after a sharp gain
the previous day on a better outlook for domestic industrial
production and hopes for a deal to help Greece cope with its
debt crisis.	
   The market also remains jittery about grim U.S. macro data,
which suggested more hurdles ahead for the economic recovery and
there are concerns that investors could move to the sidelines if
Japan's political dispute intensifies, analysts added.	
    On Tuesday, unpopular Japanese Prime Minister Naoto Kan
refused to step down in the face of a no-confidence motion in
parliament this week, saying he wanted first to resolve the
world's worst nuclear crisis in 25 years. 
    "To foreign investors, uncertainty in the political climate
could be a reason to hesitate about investing in the country,"
said Kazuhiro Takahashi, general manager at Daiwa Securities.	
    The benchmark Nikkei share average was down 0.3
percent at 9,662.86 after gaining 2 percent the previous day.
Analysts said immediate support level lies at its 5-day moving
average of 9,589.	
    The broader Topix shed 0.5 percent to 834.67.	
    U.S. single-family home prices dropped in March, dipping
below their 2009 low, according to the S&P/Case-Shiller
composite index of 20 metropolitan areas. A separate report
showed an unexpected drop in May consumer confidence, while the
Institute for Supply Management-Chicago said business activity
in the U.S. Midwest grew much less than expected in May.
    Toyota Motor shed 0.7 percent to 3,375 yen, Nissan
Motor slipped 0.7 percent to 808 yen and Toshiba
 dropped 0.7 percent to 427 yen.	
    But shares of Sony Corp rose 0.6 percent to 2,175
yen after Chief Financial Officer Masaru Kato said in an
interview with the Nikkei business daily that the company will
look to reduce operating losses in its television business by at
least half in the current fiscal year through March 2012.