TOKYO, Jan 26 (Reuters) - Japan's Nikkei index fell to a
fresh 13-month low on Wednesday, dragged down by technology
heavyweights after their U.S. peers closed lower overnight on
concerns over an increasingly hawkish Federal Reserve and
tension over Ukraine.
The Nikkei share average was down 0.4% to 27,027.51
by 0211 GMT, after falling as much as 1% to its lowest since
December 2020. The broader Topix edged down 0.1% to
U.S. stocks whipsawed between steep losses and modest gains
before ending well off session lows, with rate-sensitive tech
stocks weighing most heavily.
The Fed is due to update its policy plan, likely fleshing
out timing on expected rate hikes and shrinking its massive
"Investors are just waiting for the end of the Fed's meeting
and how the market will move after that will totally depend on
the outcome," said Takatoshi Itoshima, a strategist at Pictet
"Looking at the sell-off today, the market is expecting a
hawkish move and the point is how hawkish the Fed will be."
Technology heavyweights fell, with chip making equipment
maker Tokyo Electron losing 1.35%, robot maker Fanuc
falling 3.58% and motor maker Nidec slipping
Toyota Motor fell 1.05%, giving up gains fuelled by
the auto maker's plans to produce a record 11 million cars in
Bucking the trend, game maker Nintendo jumped 3.91%
after Nomura Securities rated its shares "buy."
SoftBank Group gained 3.06% after a report said
Nvidia was preparing to abandon its purchase of Arm Ltd
from the Japanese technology investor.
(Reporting by Junko Fujita; Editing by Subhranshu Sahu)