Nikkei hits 7-wk closing low; yen, Fed in focus

TOKYO, Nov 1 (BestGrowthStock) – Japan’s Nikkei average hit a
seven-week closing low in choppy trade on Monday, with the yen’s
strength near a record high against the dollar weighing on the
market and caution before a Federal Reserve meeting keeping trade
in check.

In a highly anticipated policy-setting meeting on Nov. 2-3,
the U.S. Federal Reserve is expected to decide on more monetary
easing. The Bank of Japan has also pushed forward its next
meeting from mid-November to Nov. 4-5, in a move seen as a
precaution in case the BOJ needs to respond to Fed action.

Shares of Honda Motor Co (7267.T: ) and Nomura Holdings
(8604.T: ) dropped, weighing on the market after their earnings
disappointed.

Honda raised its full-year operating profit forecast but it
was below expectations. Analysts said the automaker’s earnings
news was not too negative but the stock was dented by
profit-taking and worries about a further strengthening in the
yen.

The benchmark Nikkei (.N225: ) ended the day down 0.5 percent
at 9,154.72, its lowest close since Sept. 9.

The broader Topix (.TOPX: ) fell 0.9 percent to 803.30. If it
slips below 800.69, hit on Sept. 1, that would bring it to its
lowest in 19 months.
(Reporting by Aiko Hayashi; Editing by Joseph Radford)

Nikkei hits 7-wk closing low; yen, Fed in focus