TOKYO, July 14 (Reuters) - Japanese shares fell after two
straight sessions of gains on Wednesday, with investors awaiting
Federal Reserve Chair Jerome Powell's congressional testimony.
The Nikkei share average slid 0.26% to 28,641.62 by
0212 GMT, while the broader Topix inched down 0.05% to
1,966.75. For the week so far, the Nikkei is already up 2.5% and
the Topix almost 2.9%.
"Investors are locking in their profits after sharp gains in
the market. But, until we see market indicators from corporate
earnings reports, the market will be quiet," said Shoichi
Arisawa, general manager of the investment research department
at IwaiCosmo Securities.
"The market is also moving in a tight as investors await
Powell's testimony, which will take place after U.S. consumer
prices rose sharply."
U.S. consumer prices rose by the most in 13 years last
month, while so-called core consumer prices surged 4.5% year
over year, the largest rise since November 1991.
Powell's testimony on Wednesday and Thursday is in focus for
his comments about rising price pressures and monetary support
In Japan, tire makers led the declines, with
Yokohama Rubber losing 3.67% and Bridgestone
falling 3.21%. Airlines also fell 2.57%, with ANA
Holdings and Japan Airlines losing 2.4% and
Yaskawa Electric fell 2.11%, retreating from a
3.14% gain this week after the robot maker raised its annual
Toho surged 10.65% after the film and entertainment
company said its operating profit almost quadrupled in the
The volume of shares traded on the Tokyo Stock Exchange's
main board was 0.42 billion, compared with the average of 1.03
billion in the past 30 days.
There were 85 advancers on the Nikkei index against 131
(Reporting by Junko Fujita; editing by Uttaresh.V)