Tokyo stocks ended mixed Wednesday as selling of electronics issues was offset by dip-buying in a wide range of shares amid optimism over the Japanese market.
The 225-issue Nikkei Stock Average ended down 6.85 points, or 0.02 percent, from Tuesday at 40,090.78. The broader Topix index finished 10.74 points, or 0.39 percent, higher at 2,730.67.
On the top-tier Prime Market, decliners were led by precision instrument and electric appliance issues, while mining and transportation equipment issues were among gainers.
The U.S. dollar stayed 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.
The Nikkei lost over 300 points in early trading, pressured by declines of Japan-based Apple Inc. suppliers following reports of sluggish iPhone sales in the Chinese market.
But it trimmed losses, with the benchmark recovering the 40,000 mark, as investors moved to buy shares that are seen as undervalued, brokers said.
"While technology stocks were sold, sectors like banking and automotive remained strong, reflecting investors' stance to buy on dips," said Makoto Sengoku, senior equity market analyst at the Tokai Tokyo Research Institute.
In addition to overseas investors, domestic individual investors appeared to be actively trading as high-dividend stocks that are popular among such players attracted buying, he added.
