Nikkei slips from 3-week high on profit-taking; Canon jumps

Tue Sep 3, 2013 10:04pm EDT

* Nikkei falls 0.8 pct, Topix down 0.4 pct
    * Canon jumps on share buyback announcement
    * Investors eye US jobs data, Olympics bid outcome
    * Earthquake hits eastern Japan, has little effect

    By Tomo Uetake
    TOKYO, Sept 4 (Reuters) - The Nikkei average retreated from
a near three-week high on Wednesday morning, hit by
profit-taking after recent big gains, with many investors on the
sidelines ahead of key events in coming days.
    The benchmark Nikkei shed 0.8 percent at 13,868.91
in midmorning trade, after advancing 4.4 percent the past two
sessions. The index was up 33 percent this year, but 13 percent
below its May peak. 
    The broader Topix declined 0.4 percent to 1,144.67.
    After recent gains, "it's little wonder we are seeing some
profit-taking today," said Mitsushige Akino, chief fund manager
at Ichiyoshi Asset Management.
    "Most investors are opting to wait for some key events,
including U.S. jobs data, the Olympics decision and Japan's
revised (April-June)GDP figures, and staying on the sidelines at
the moment."
    Tokyo is competing against Istanbul and Madrid to host the
2020 Summer Olympics, and a final decision is expected on
Saturday.
    U.S. payroll data for August is due out on Friday and
Japan's revised second quarter GDP growth numbers will come out
on Monday.
    Trade was fairly light on Wednesday, with volume on the
Nikkei at 22.5 percent of its full daily average for the past 90
 days. 
    Bucking overall weakness, Canon Inc gained as much
as 4.5 percent to hit a three-week high after the world's
largest digital camera maker said it will buy back up to 1.6
percent of its own shares, for a maximum of 50 billion yen ($501
million), between Wednesday and Nov. 1. It was the third-most
traded stock by turnover on the main board.
    Other notable movers include index heavyweight Fast
Retailing Co Ltd, which fell 2.8 percent. A fund
manager said Nintendo Co Ltd's potential inclusion to
the benchmark Nikkei weighed on the owner of Uniqlo clothing
chain. Nintendo rose 2 percent.
    Although a strong earthquake hit eastern Japan during the
morning session, it had only limited effect on the market.
    On Wednesday, the Bank of Japan's two-day policy meeting
began. Analysts say the meeting is attracting little investor
attention as no change is expected in the central bank's massive
monetary stimulus launched in April.
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