* Drugmakers underperform as sentiment soured by Trump's
* Nikkei has gained 18 pct since Nov. 9
* 29 of 33 Topix's subsectors in negative territory
By Ayai Tomisawa
TOKYO, Jan 12 Japan's Nikkei share average
dropped to a near two-week low on Thursday morning after
President-elect Donald Trump failed to provide clarity on future
fiscal policies in a highly-awaited press briefing.
The pharmaceutical sector was heavily battered,
falling 2.4 percent and was the worst performer on the board
after Trump said pharmaceutical companies are "getting away with
murder" in the prices that they charge the government for
medicines, and promised that would change.
Astellas Pharma tumbled 3.9 percent, Takeda
Pharmaceutical shed 2.8 percent and Eisai Co
declined 2.3 percent.
The Nikkei fell 1.3 percent to 19,120.70 in
midmorning trade, after hitting as low as 19,095.39 earlier, the
lowest level since Dec. 30.
"He failed to deliver what the market has wanted to hear for
all these weeks," said Hikaru Sato, a senior technical analyst
at Daiwa Securities. "Such disappointment has triggered
Trump's news conference since the Nov. 8 election contained
no details on tax cuts and infrastructure spending, two factors
that had fuelled the five-week rally in stocks and a selloff in
global bond markets.
The Nikkei has gained 18 percent since Trump's election.
The dollar sank to as low as 114.245 yen on
Wednesday, its lowest level since Nov. 9 and last stood at
114.99, down 0.4 percent on the day. A strong yen environment
hurt sentiment in the overall market.
Twenty nine of Topix's 33 subsectors were in negative
Thursday's other losers include retailers and construction
Department store operators Isetan Mitsukoshi Holdings
and Takashimaya Co dropped 2.0 percent and 1.4
Contractors Kajima Corp fell 1.1 percent and Taisei
Corp dropped 1.9 percent.
The broader Topix dropped 0.7 percent to 1,539.84
and the JPX-Nikkei Index 400 declined 0.8 percent to
(Editing by Simon Cameron-Moore)