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​Japanese stocks rose on Wednesday but gains were limited as many investors awaited the Federal Reserves decision

2018-06-13 08:12 am | Resource: NEWS | No Views : 163

Japanese stocks rose on Wednesday, but gains were limited as many investors awaited the Federal Reserve's decision later in the day, while Toshiba jumped after announcing a repurchase.

Shares in Toshiba rose 6.7 percent after it said it would buy back nearly 700 billion yen ($ 6.33 billion) of its shares.

The Nikkei <.N225> was up 0.4 percent at 22,966.38. The broader Topix index gained 0.4 percent to 1,800,800.

Investors shifted interest from the US and North Korea summit on Tuesday in Singapore to the next Fed decision and statement.

"There are few people expecting details on nuclear disarmament," said Hikaru Sato, a senior technical analyst at Daiwa Securities.

While the Federal Reserve is widely expected to raise interest rates for the second time this year, the market is watching how US revenue moves after its comments after the meeting, he said.

Investors are looking for hints on whether the Fed wants to raise interest rates this year. If so, it is likely to weaken US stocks, which will put pressure on Japanese stocks.

In Wednesday's trading, exporters' shares were mixed, as automakers attracted buying, while technology stocks were sold. Toyota Motor Corp rose 1.3 percent, while Advantest Corp <.VX> fell 0.7 percent and Panasonic Corp. <.N> fell 0.5 percent.

Nintendo dropped 6.2 percent and was the most heavily traded stock by turnover. The investors disappointed investors after viewing at E3 2018 in Los Angeles, dealers said. Traders said the new games titles for the Nintendo Switch keys advertised in the games event did not include headlines.

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