Japan’s Nikkei snaps 7-day winning streak as profits taken ahead Fed outcome

Japan’s benchmark Nikkei stock index closed lower Wednesday, snapping a seven-day winning streak, as investors opted to lock in profits after the market’s recent gains and ahead of the outcome of the U.S. Federal Reserve’s two-day policy setting meeting later in the day.

The 225-issue Nikkei Stock Average dropped 131.01 points, or 0.57 percent, from Tuesday to close the day at 22,843.12.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, added 3.22 points, or 0.19 percent, to finish at 1,665.90.

Oil and coal product, iron and steel, and nonferrous metal-oriented issues comprised those that gained the most by the close of play.