Nikkei hits new 2-mth low as market cautious before Fed meeting
TOKYO, Jan 28 (Reuters) - Japan's Nikkei average fell to a fresh two-month low on Tuesday as investors stayed cautious before the Federal Reserve's policy meeting, while suppliers to Apple Inc took a hit after the tech giant's iPhone sales and revenue forecast fell short. The Nikkei shed 0.2 percent to 14,980.16, its lowest close since Nov. 14, having erased earlier gains. Apple suppliers underperformed, with Nikko Denko Corp losing 2.9 percent and Sharp Corp dropping 3.4 percent, after the U.S. company missed Wall Street's target for iPhone sales over the holiday shopping season and offered a disappointing quarterly forecast. But Square Enix Holdings Co gained 3.4 percent in heavy volume after its new gaming application for smartphones "Dragon Quest Monsters Super Light" became the second most sold app at the Apple Store just two days after it was launched. Volume was 81 million shares, 80 times its full daily average for the past 90 trading days. The Topix dropped 0.4 percent to 1,224.31, while the JPX-Nikkei Index 400, a recently introduced gauge comprised of firms with high return on equity and strong corporate governance, fell 0.4 percent to 11,063.94.
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