* Nikkei down 0.2 pct, Topix off 0.3 pct
* FOMC eyed - analyst
* Asian funds' buying limiting drops - analyst
* Renesas surges on investment plan
By Ayai Tomisawa
TOKYO, Dec 11 Japan's Nikkei share average
slipped on Tuesday as investors, cautious over signs that the
market is overbought after a 10 percent rally over the past
month, took profits on export-focused firms.
Investors also held off from taking positions ahead of a
two-day policy meeting of the U.S. Federal Reserve starting
later on Tuesday where it is expected to announce a new round of
Treasury securities purchases, analysts said.
The Nikkei was down 0.2 percent at 9,517.00. Its
14-day relative strength index stands at 68.11. A level of 70 or
above is deemed overbought, and can often signal a pullback in
the near term.
Exporters have led gains in the market over the past month
on the back of a weaker yen, after Shinzo Abe, the leader of the
main opposition which is expected to win a Dec. 16 general
election, called for the Bank of Japan to embark on "unlimited
On Tuesday, exporters led the decline with Honda Motor Co
falling 1.0 percent, Sony Corp slipping 1.8
percent and Komatsu Ltd dropping 1.1 percent.
But analysts said that losses should be limited as some
investors were still buying exporters, having missed the rally.
"Some funds which invest in Asian funds have failed to chase
the market higher over the past month as the market started
rising too fast... they could not make a quick investment
decision," said Kenichi Hirano, a strategist at Tachibana
Securities. "Now they are trying to catch up with the rises and
add more long positions on Japanese stocks when they fall."
Bucking overall market weakness, struggling Japanese
chipmaker Renesas Electronics Corp soared 8.4 percent
after it said it will receive 150 billion yen ($1.8 billion) in
aid from a government-backed fund and manufacturers to help it
The broader Topix index dropped 0.3 percent to