TOKYO, Nov 2 (Reuters) - Japanese shares ended lower on
Tuesday as investors remained on the sidelines ahead of a
pivotal U.S. Federal Reserve meeting that could reveal more
about its plans to taper stimulus measures and hike rates.
The Nikkei share average fell 0.43% to 29,520.90, a
day after posting its biggest daily gain since June following a
solid election victory by Prime Minister Fumio Kishida's ruling
coalition. The broader Topix lost 0.64% to 2,031.67.
"The market is looking to what the Federal Reserve will do
with its tapering," said Yuya Fukue, a trader at Rheos Capital
"While November tends to be a good month for stocks, the
stock market could be vulnerable if the pace of the Fed's
tapering is quicker than expected."
The Fed will announce its policy decision at the end of its
two-day meeting on Wednesday when Japanese markets will be shut
for a public holiday.
Domestic earnings results also weighed on markets, as Pola
Orbis dropped 6.8% after the cosmetics maker reported
disappointing quarterly results.
Ship builder Hitachi Zosen lost 6.6%, while
drugmaker Kyowa Kirin shed 6.4% also on earnings
Trading house Mitsui & Co dropped 4.0% after its
quarterly results came in line with analyst forecasts but rival
Marubeni rose 3.4% after a consensus-beating
Other gainers included electronic parts makers TDK Corp
and Kyocera that jumped 8.7% and 5.3%,
respectively, on brisk results.
Dexerials rose by its daily limit of 21.4%, after
the maker of the optical and electronic materials posted strong
profits, and announced a dividend hike and stock buyback
Still, decliners outnumbered gainers by a ratio of 3 to 1
and all but four of the Topix 33 industry subindexes
were in the red as a wide range of shares came under pressure
from profit-taking ahead of a market holiday.
(Reporting by Hideyuki Sano; Editing by Ramakrishnan M.)