By Laura He, MarketWatch
HONG KONG (MarketWatch) — Japan stocks slipped Tuesday, snapping a five-session winning streak, as investors remained cautious ahead of the two-day Federal Reserve policy meeting.
Policy makers at the Federal Open Market Committee were scheduled to kick off the September meeting on Tuesday and release the policy statement and economic projections at 2 p.m. on Wednesday.
The Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK -1.06% edged down 0.2%, with the yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.2668% moving flat at ¥107.13, compared with ¥107.10 a day earlier. The broader Topix /zigman2/quotes/210598092/delayed JP:180460 -1.42% also dipped 0.2%.
Tech names were mixed, with Internet and telecoms conglomerate SoftBank Corp. /zigman2/quotes/207303954/delayed JP:9984 -0.38% rallying 3.5%. The gains came after Chinese e-commerce giant Alibaba Group, in which SoftBank owns a more than 30% stake, said it raised the price range for its upcoming U.S. IPO to $66 to $68 a share because of strong demand from investors.
Other market movers included IT service provider Fujitsu Ltd. /zigman2/quotes/208459594/delayed JP:6702 -1.29% , advancing 1.9%, console maker Nintendo Co., Ltd. , rising 1.5%, while semiconductor firm Renesas Electronic Corp. /zigman2/quotes/203872935/delayed JP:6723 -0.17% declined 2.1%, and electronics giant NEC Corp. /zigman2/quotes/205173342/delayed JP:6701 -0.54% fell 1.1%.
In Hong Kong, the morning session for markets was canceled due to rough weather caused by Typhoon Kalmaegi. The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.84% moved significantly lower after trading resumed in the afternoon and closed down 0.9%, extending its losing streak to eight.
China’s largest wireless carrier China Mobile Ltd. /zigman2/quotes/200868736/delayed HK:941 -2.66% tumbled 3.8% at the close, after reports said the release date for iPhone 6 in mainland China is still uncertain, possibly due to a delay in the issuance of a network access license by Chinese regulators. Its smaller rivals suffered even more, with China Telecom Corp. Ltd. /zigman2/quotes/206668971/delayed HK:728 -1.69% sliding 4.9%, and China Unicom (Hong Kong) Ltd. /zigman2/quotes/205091392/delayed HK:762 -3.56% falling 4.5%.
Over on the Chinese mainland, the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -1.95% dropped 1.8%.
On the data front, China’s foreign direct investment fell in August to its lowest level in more than four years.