* Japan Display soars on reported mid-term plan
* Financials weak on falling U.S. yields
By Ayai Tomisawa
TOKYO, June 7 Japan's Nikkei share average fell
on Wednesday morning as investors continued to shun riskier
assets ahead of potentially market moving global events this
The Nikkei dropped 0.2 percent to 19,931.43 points
It hit a near two-year high of 20,239.81 last Friday,
breaking above the psychologically important 20,000-mark for the
first time since December 2015.
But trade was thin, with investors awaiting Britain's
general election, a European Central Bank policy decision and
former FBI director James Comey's Senate testimony all due on
Thursday. China is also releasing a raft of data this week.
"The overall market is quiet today and the market is
especially focused on Comey's testimony," said Hikaru Sato, a
senior technical analyst at Daiwa Securities.
He added that there is a risk of the dollar's falling
against the yen if the outcome of Comey's testimony hinders U.S.
President Donald Trump's proposed tax overhaul and his broader
economic stimulus agenda.
Comey was investigating whether Trump's presidential
campaign and Russia colluded to sway the 2016 U.S. election when
he was fired by Trump in May.
On Wednesday, the dollar was little changed at 109.50 yen
, failing to give the market a direction.
Exporters were mixed, with Toyota Motor Corp
falling 0.2 percent, Honda Motor Co dropping 0.6
percent and Advantest Corp rising 0.5 percent.
Banks and insurance companies, which hunt for
higher-yielding products, lost ground on falling U.S. Treasury
Mitsubishi UFJ Financial Group dropped 0.2 percent,
Mizuho Financial Group shed 0.5 percent, and T&D
Holdings slid 1.1 percent.
Bucking the trend, Japan Display Inc soared 8.7
percent after the Nikkei business daily reported the company
will unveil a new medium-term plan by August under new
management, to be appointed on June 21 at its annual
The firm is scrapping a modest reform plan that failed to
right the ship and is embarking on a wholesale reorganization,
revamping domestic production sites and even exploring a capital
partnership with a peer, the Nikkei said.
The broader Topix shed 0.1 percent to 1,594.31 and
the JPX-Nikkei Index 400 declined 0.2 percent to
(Editing by Kim Coghill)