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,
The benchmark Nikkei share average fell 1.1 percent
to 16,840.00, retreating from a five-week closing high in the
The broader Topix shed 1.0 percent to 1,342.35 and
the JPX-Nikkei Index 400 declined 1.0 percent to
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)