Japanese stocks wobble on uncertainty over Fed, earnings


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    TOKYO, June 24 (Reuters) - Japanese shares were flat on
Thursday, as traders eyed the latest statements from U.S.
Federal Reserve officials, while uncertainty over domestic
corporate earnings kept investors on the sidelines.
    As of 0015 GMT, Nikkei share average  .N225  was flat at
28,863.88, while the broader Topix  .TOPX  slipped 0.14% to
    Although the market has been recovering from last week's
losses, triggered by a hawkish shift in the U.S. Fed's policy
guidance, it is starting to lose traction, analysts said.
    "U.S. inflation could stay at high levels, so we will need
more data on inflation, wages and employment. And, quarterly
earnings will be a few weeks away, the market is running out of
trading factors," Nobuhiko Kuramochi, senior strategist at
Mizuho Securities said.
    Two Fed officials said a period of high inflation in the
United States could last longer than anticipated, a day after
Fed Chair Jerome Powell played down rising price pressures.
    Many hospitality-related shares, which led index's gains
before the Fed meeting outcome, have now succumbed to
    West Japan Railway  9021.T  fell 1.9% while department store
operators Isetan Mitsukoshi  3099.T  and Takashimaya  8233.T 
lost 1.9% each.
    Sumitomo Forestry  1911.T  fell 2.3% after the company
announced a plan to sell new 16 million shares, which amount to
8.7% of its existing shares to raise up to 37.1 billion yen  
($334.32 million). 
    Toshiba  6502.T  erased early losses to trade 0.4% higher
after weekly financial magazine Diamond reported Kioxia Holdings
Corp, formerly known as Toshiba Memory, in which Toshiba holds a
40.6% stake, plans to list as early as in September. 
    Some growth shares outperformed after U.S. tech stocks hit a
record high overnight.
    Electronic parts maker Sumco  3436.T  and Minebea Mitsumi
 6479.T  added 2.4% and 1.8%, respectively.
    Mercari  4385.T  rose more than 10% after the flea market
app operator bumped up its outlook to forecast a net annual
profit of 5 billion yen, its first annual profit since its
listing in June 2018.  urn:newsml:reuters.com:*:nXB0EFBYZE
    Eisai  4523.T  gained 3.7% after the drugmaker said U.S.
regulator had granted breakthrough therapy designation to their
experimental therapy, lecanemab, for patients with early
Alzheimer's.  urn:newsml:reuters.com:*:nL3N2O53RZ

     ($1 = 110.9700 yen)

 (Reporting by Hideyuki Sano, Editing by Sherry Jacob-Phillips)
 ((hideyuki.sano@thomsonreuters.com; +81 3 4520 1195;))

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