Japan equities slip as U.S. inflation data looms

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Tokyo, June 9 - Japanese equities slipped on Wednesday as investors took profits in shippers and semiconductor firms, with US inflation data in focus as it could influence how soon the Federal Reserve ends its stimulus program.

Financial firms and insurers declined, as a receding in long-term U.S. Treasury yields dampened the prospects for return on their portfolios.

In response, however, Eisai Co. was poised to increase for a second session by the daily limit after its Alzheimer's drug got approval from government regulators on Monday.

The average Nikkei share was 0,3 at the midday break to 28,868. 29 while the global Topix fell 0.2% to 1,958. 30.

Japanese investors want to see the U.S. CPI number tomorrow and if it's not faster than expected, it should result in a rally and could very well bring about another rally, says Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.

Although right now there's a strong overall wait-and-see attitude in markets, he said, adding that investors booked profits and set up positions even after the data.

The shipping subsector of Topix was the biggest decliner, following its surge to the highest in more than a decade, losing 2.8%.

The Semiconductor firm Lasertec slipped about 6% after climbing to a record high on Thursday.

Meanwhile, real estate was the best subsector with a 3.4% rise in sales revenue. Air transport jumped about 3% and land transport added 1.4%, as the Japan's accelerating coronavirus vaccination programme has enabled people to return to offices and start riding trains and airplanes again.

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