* Stocks edge down on profit-taking before Fed outcome
* Market awaits impact of Fed decision on yen, US stocks
* Kyushu Electric falls after unveiiling bond issuance plan
By Shinichi Saoshiro
TOKYO, March 15 Japan's Nikkei share average
slipped on Wednesday, dragged down by a firmer yen and Wall
Street's overnight retreat.
The market's losses were limited as a wait-and-see mood
prevailed before the Federal Reserve policy decision due later
The Nikkei was down 0.3 percent at 19,549.43. The
index reached an 11-day high of 19,656.48 on Monday on a weaker
"The market is mostly on hold ahead of the Fed's decision
but in the meantime some locked in profits after the yen
strengthened and U.S. shares fell overnight," said Yutaka Miura,
senior technical analyst at Mizuho Securities.
How the Fed outcome impacts Japanese equities "is really up
to how the currencies and U.S. stock markets react," he said.
With the futures market pricing in more than a 90 percent
chance the Fed will raise interest rates, financial markets are
expected to respond mainly to what it says about the pace of
hikes this year.
Kyushu Electric Power Co slid 7.2 percent on
wariness towards share dilution after the power company
announced on Tuesday it will issue 150 billion yen ($1.31
billion) in convertible bonds.
Mitsubishi Chemical Holdings Corp also retreated
after saying it too would issue up to 150 billion yen of
convertible bonds. Its shares were last down 2.9 percent.
Sanno Co surged more than 15 percent to hit the
daily limit up after the manufacturer of precision electronic
components revised up its sales forecast for the year through
Of Tokyo's 33 sub-indexes, all but four were in the red.
One of the biggest decliners among the sub-indexes was oil
and coal products, down 1.4 percent after crude oil
prices fell to three-month lows overnight. Showa Shell Sekiyu KK
declined l 1.6 percent and JX Holdings dropped
Toshiba Corp remained volatile, dropping 7.1
percent after the Tokyo Stock Exchange on Tuesday put the
troubled conglomerate's shares under supervision to see whether
they meet delisting criteria.
The broader Topix slipped 0.4 percent to 1,569.15
and the JPX-Nikkei Index 400 was down 0.3 percent at
The dollar was at 114.770 yen, shy of a near
two-month peak of 115.51 hit recently on mounting expectations
for a U.S. rate increase.
U.S. stocks fell on Tuesday amid the decline in crude oil
prices. Airlines pulled industrial stocks down as a blizzard hit
the U.S. Northeast.
($1 = 114.6500 yen)
(Editing by Richard Borsuk)