January 28, 2014 / 6:35 AM / in 4 years

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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