* Investors want no 'news' from BOJ - analyst
* Real estate stocks rise
By Ayai Tomisawa
TOKYO, Sept 21 Japan's Nikkei share index fell
on Wednesday morning, dragged down by selling in banking and
insurance stocks as investors braced for the outcome of the Bank
Of Japan's policy meeting.
By 0150 GMT the Nikkei had dropped 0.5 percent to 16,405.47.
The BOJ is expected to make negative interest rates the
centrepiece of a new policy framework.
Banks and insurers were sold, with Mitsubishi UFJ Financial
Group falling 1.2 percent, Mizuho Financial Group
shedding 0.7 percent and Dai-ichi Life Insurance Co
dropping 2.1 percent.
"At past policy meetings, investors had expectations that
there would be some easing. But this time, they think no news is
good news," said Kazuhiro Takahashi, equity strategist at Daiwa
Securities. "The market is extremely cautious while it focuses
on whether the BOJ will lower rates further into negative
territory, and people don't want any news related to that."
On the other hand, real estate stocks outperformed. Mitsui
Fudosan Co gained 1.4 percent and Sumitomo Realty &
Development Co rose 1.0 percent.
Exporters were mixed, with Toyota Motor Corp
falling 0.4 percent, Honda Motor Co rising 0.6 percent
and Panasonic Corp dropping 0.3 percent.
The broader Topix shed 0.5 percent to 1,310.75 and
the JPX-Nikkei Index 400 declined 0.5 percent to
(Reporting by Ayai Tomisawa; Editing by Eric Meijer)