Japan stocks slip almost 1 pct, exporters down
(Updates to midmorning)
TOKYO, March 26 (Reuters) - Japanese stocks fell nearly 1 percent on Wednesday after hitting a two-week closing high the previous day, led lower by exporters such as Canon Inc (7751.T) that had advanced in recent sessions.
Tuesday was the last day on which investors were able to buy many Japanese stocks and still receive dividends for the year ending on March 31.
Fujio Ando, senior managing director at Chibagin Asset Management, said market sentiment was not particularly weak, considering this ex-dividend impact took 103-105 points off of Tuesday's close on the Nikkei.
"After gaining that much yesterday, profit-taking is inevitable," he said. "Rather, a rebound in shares of trading houses and metal producers stands out due to higher commodity prices."
Commodities-related shares such as gold and copper producer Sumitomo Metal Mining Co Ltd (5713.T) and trading company Mitsubishi Corp (8058.T) jumped following a recovery in oil and metal prices. CLc1, XAU=, HGK8, MZN3
As of 0050 GMT, the benchmark Nikkei average .N225 was down 0.8 percent or 100.38 points at 12,644.84. The Nikkei rose 2.1 percent on Tuesday to post its highest finish since March 12.
The broader TOPIX shed 0.8 percent or 9.49 points to 1,233.49.
The dollar was trading around 99.84 yen JPY=, off last week's low of 95.77 yen.
Many auto and tech exporters have assumed a currency rate of 105 yen to the dollar in making their profit forecasts.
Canon dropped 2.9 percent to 4,640 yen and Sony Corp (6758.T) shed 2.8 percent to 4,140 yen.
Among automakers, Honda Motor Co Ltd (7267.T) declined 2 percent to 3,020 yen.
Shares of Sumitomo Metal Mining shot up 4.2 percent to 1,890 yen and zinc smelter Toho Zinc (5707.T) climbed 4.4 percent to 550 yen.
Among trading houses, which have stakes in overseas metal mines, Mitsubishi gained 3.2 percent to 2,905 yen and Mitsui & Co Ltd (8031.T) advanced 4 percent to 2,080 yen. (Reporting by Aiko Hayashi; Editing by Chris Gallagher)
