Tokyo stocks were mixed Wednesday morning as selling of electronics issues tracking losses in their U.S. counterparts was offset by dip-buying after the Nikkei dropped below the 40,000 mark.
The 225-issue Nikkei Stock Average fell 99.97 points, or 0.25 percent, from Tuesday to 39,997.66. The broader Topix index was up 3.98 points, or 0.15 percent, at 2,723.91.
The U.S. dollar changed little around the 150 yen line in Tokyo as a wait-and-see mood prevailed ahead of U.S. Federal Reserve Chair Jerome Powell's congressional testimony later in the day, dealers said.
At noon, the dollar fetched 149.90-92 yen compared with 150.00-10 yen in New York and 150.41-43 yen in Tokyo at 5 p.m. Tuesday.
The euro was quoted at $1.0851-0855 and 162.66-74 yen against $1.0851-0861 and 162.81-91 yen in New York and $1.0846-0848 and 163.14-18 yen in Tokyo late Tuesday afternoon.
The Nikkei was pressured by selling of Japan-based Apple Inc. suppliers after a research firm report said iPhone sales in China dropped 24 percent in the first six weeks of 2024 from a year earlier, brokers said.
But the fall in the benchmark was limited as a wide range of issues attracted buying, keeping the broader Topix index in positive territory, brokers said.
"Despite the drag from sluggish tech shares, the overall market conditions have not worsened," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co.
