TOKYO Oct 12 Japanese stocks dropped on Wednesday, retreating from a five-week high after Wall Street was hit by weak corporate earnings overnight and as investors braced for the reporting season.
As the sterling came off its session high in Asian afternoon trade, investors have become risk-averse, which triggered selling in stock futures and widened earlier drops in stocks, traders said.
The benchmark Nikkei share average fell 1.1 percent to 16,840.00, retreating from a five-week closing high in the previous session.
The broader Topix shed 1.0 percent to 1,342.35 and the JPX-Nikkei Index 400 declined 1.0 percent to 12,019.44.
In Wednesday afternoon trade, the pound was up 1.2 percent at $1.2264, compared to $1.2325 hit earlier in the day. It tumbled as low as $1.2086 on Tuesday, heading towards a 31-year low of $1.1450 hit on Friday as investors feared the impact on Britain from leaving the European Union. (Reporting by Ayai Tomisawa; Editing by Sunil Nair)
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