TOKYO, Aug 26 (Reuters) - Japan's Nikkei slipped on Thursday
as market participants stayed away from making big bets ahead of
the U.S. Federal Reserve's Jackson Hole symposium this week,
with investor sentiment also weighed down by COVID-19 concerns.
The Nikkei share average fell 0.11% to 27,693.42
after rising 0.37% earlier in the day, while the broader Topix
edged down 0.24% to 1,931.08.
"The Nikkei gained earlier because the U.S. market was
strong overnight, but there was no market-moving catalyst that
could lift the market further," said Takatoshi Itoshima, a
strategist at Pictet Asset Management.
"Investors are also cautious as they await the outcome of
the Jackson Hole symposium. Also, they are eyeing the upcoming
election of Japan's ruling party."
The three major U.S. stock indexes ended modestly higher
overnight, with the S&P 500 and the Nasdaq posting record
In Japan, airlines gained 1.94%, the most among
the Tokyo Stock Exchange's 33 industry sub-indexes, with Japan
Airlines and ANA Holdings rising 2.3% and
Railways rose 0.75%, with Central Japan Railway
, which runs bullet trains between Tokyo and Osaka,
gaining 0.65%. Tokyo-based East Japan Railway climbed
But their gains were negated by pandemic and political
uncertainties. Japan will likely have a general election in
October or later if the ruling party holds its leadership race
next month as expected, the Sankei newspaper said.
Robot maker Fanuc dragged down the Nikkei the most,
falling 1.81, while staffing agency Recruit Holdings
lost 1.39% and Sony Group dropped 2.09%.
Toshiba rose 1.18% after a report that Western
Digital was in advanced talks for a potential $20
billion stock merger with Japanese semiconductor firm Kioxia
Holdings Corp, of which Toshiba owns 40.5%.
(Reporting by Junko Fujita; editing by Uttaresh.V and