Tokyo Stocks Down At Break

TOKYO, (UrduPoint / Pakistan Point News - 26th Oct, 2016 ) - Tokyo shares slipped off a six-month high Wednesday morning, with energy firms dragged down by tumbling oil prices while a stronger Yen hurt exporters.

Crude sank more than one percent Tuesday on a report that Russia's envoy at OPEC had said output cuts are not "an option for us", hitting hopes for a coordinated cut to production aimed at buoying prices.

Meanwhile, the Dollar fell against the yen -- a negative for Japanese exporters' profitability -- after US Conference board figures showed consumer confidence in the world's biggest economy declined in October following two months of gains.

In Asian forex trading, the greenback slipped to 104.22 yen, from 104.40 yen in Asia on Tuesday afternoon. "The rhythmic rise in Japanese stocks has to take a breather," said Chihiro Ohta, a senior strategist at SMBC Nikko Securities.

"The weaker US consumer sentiment data gives a reason for the yen to strengthen, weighing on stocks," he told Bloomberg news. The benchmark Nikkei 225 index fell 0.19 percent, or 33.76 points, to 17,331.49, a day after its highest close since late April.

The Topix index of all first-section issues edged down 0.06 percent or 0.87 points to 1,376.45. Shares in brewer Kirin rose 1.60 percent to 1,767.5 yen after the group said it was discussing cross-shareholdings and a possible tie-up in the soft-drinks business with Coca Cola.

Oil-linked firms dropped in line with crude prices, with energy explorer Inpex falling 1.26 percent to 985.6 yen. Honda was down 0.69 percent at 3,124 yen while Sony also fell 0.69 percent to sit at 3,307 yen. Nintendo turned down 0.70 percent to 24,510 yen before the game giant releases April-September financial results later Wednesday.