* Investors refrain from taking positions before events - traders
* China PMI eyed on Tuesday
* Toshiba outperforms after releasing bullish outlook on Westinghouse
By Ayai Tomisawa
TOKYO, Nov 30 (Reuters) - Japan’s Nikkei share average fell on Monday morning as investors awaited key global policy and data events this week, while Japan’s industrial production data failed to support sentiment.
The Nikkei fell 0.2 percent to 19,842.56 in midmorning trade.
Japan’s industrial output rose 1.4 percent in October from the previous month, up for a second straight month but slightly short of economists’ median estimate for a 1.9 percent increase.
“The data isn’t that bad but it’s slightly negative to sentiment as it missed the expectation,” said Chihiro Ohta, general manager of investment research and investor services at SMBC Nikko Securities. “The market’s direction in the early week will likely depend on China’s PMI.”
China’s official manufacturing Purchasing Managers’ Index (PMI) numbers will be released on Tuesday along with the official services PMI.
Investors refrained from taking large positions before a slew of events scheduled this week. The European Central Bank is expected to announce more stimulus measures at its policy meeting on Thursday.
“Investors will likely turn risk-on if the ECB announces stimulus, so it should be positive for the Japanese market,” said Hikaru Sato, a senior technical analyst at Daiwa Securities.
At the same time, the market expects the U.S. Federal Reserve to hike U.S. interest rates at its mid-December policy meeting, and traders are focused on the U.S. jobs data to be out this Friday.
Exporters were mixed, with Toyota Motor Corp rising 0.1 percent, Panasonic Corp dropping 0.6 percent and Advantest Corp falling 1.1 percent.
Commodity-related shares were lower, with Inpex Corp falling 1.7 percent, Mitsubishi Corp shedding 1.9 percent and Mitsui & Co dropping 2.3 percent.
Bucking the weakness, Toshiba Corp soared 3.2 percent after giving a bullish business plan with its U.S. nuclear unit Westinghouse despite recent disclosures that the unit itself had booked huge impairment charges in the past. Toshiba also said it was considering splitting off part of its chip business, with listing it an option.
The broader Topix shed 0.3 percent to 1,588.95 and the JPX-Nikkei Index 400 dropped 0.4 percent to 14,319.50. (Editing by Sam Holmes)