Nikkei Slips as Investors Await FOMC Decision

The Nikkei Stock Average declined for a fourth consecutive session, closing down 88.10 yen or 0.14% at 63,396.00 on September 16.

This modest decline was largely due to position adjustments ahead of the Federal Open Market Committee (FOMC) decision and Federal Reserve Board (FRB) Chair's press conference scheduled for early hours of September 17 Japan time.

The Tokyo Stock Price Index (TOPIX), however, rose 20.28 points to 4,057.44, maintaining modest gains and creating a mixed picture across the two benchmarks.

According to Shoichi Arisawa of Iwai Cosmo Securities, institutional investors are reluctant to move ahead of central bank events in both Japan and the U.S., as well as Japan's upcoming five-day holiday.