TOKYO, Aug 4 (Reuters) - Japan's Nikkei share average
slipped on Tuesday as investors remained wary of further
yen-buying intervention and awaited Toyota Motor's ( TM ) quarterly
results later in the day.
The Nikkei fell 0.11% to 63,684.85 by the midday
recess, while the broader Topix slid 0.26% to 3,949.90.
The Nikkei dropped nearly 1% on Monday after Japan's Finance
Ministry said Tokyo and Washington had conducted coordinated
yen-buying intervention and would not hesitate to take further
action.
"After the currency intervention, dollar/yen moved sharply
in the yen's favour from around 163. Authorities have also
indicated they could intervene again if the yen weakens further,
so caution remains," said Shuutarou Yasuda, a market analyst at
Tokai Tokyo Intelligence Laboratory.
The dollar traded at 157.5 yen, up 0.22%. A stronger
yen reduces the value of overseas revenue for Japan's many
heavyweight exporters.
Japan's AI-linked heavyweights were mixed, with technology
investment conglomerate SoftBank Group losing 4.5%,
while cables and optical fibre manufacturer Fujikura ( FKURF )
surged 5%.
Toyota Motor ( TM ), the world's biggest automaker, is
expected to post a fifth straight quarterly decline in operating
profit, hit by weaker vehicle sales and rising costs.
Investors may also scrutinise Toyota's ( TM ) assumed exchange
rates and related guidance, given the sensitivity of its
earnings to currency swings, said Hiroshi Namioka, chief
strategist at T&D Asset Management.
Overall, market breadth was negative, with 141 decliners in
the Nikkei against 83 gainers and one unchanged.
The largest losers by percentage in the index were meat
processor NH Foods ( NHFOF ), down 8.69%, followed by parcel
delivery and logistics company Yamato Holdings ( YATRF ), which
shed 5.63%, after their earnings disappointed investors.
The largest percentage gainers in the index were cables and
components manufacturer Furukawa Electric ( FUWAF ), up 9.97%,
followed by pharmaceutical company Otsuka Holdings ( OTSKY ),
gaining 7.09%.
(Reporting by Satoshi Sugiyama; Editing by Subhranshu Sahu)