Japan Stocks Drop After Disappointing U.S. Tech Results

Japanese stocks moved decisively lower in early Wednesday moves, with techs down sharply after disappointment over earnings results from some of the top U.S. players in the sector. The Nikkei Average and Topix were each 0.9% weaker about 10 minutes into trade, getting no help from a rising yen, as the dollar slipped back below the �124 handle to buy �123.86. Japanese electronic-component makers associated with Apple Inc. -- which posted an outlook that disappointed analysts and was notably mum on its smartwatch sales results -- underperformed the market, with Japan Display Inc. down 3.8%, and Murata Manufacturing Co. down 3.3%, while Alps Electric Co. fell 2%, and Renesas Electronics Corp. retreated by 1.8%. On the upside, however, Toshiba Corp. climbed 1.3% after news it had sold off its stake in Finnish elevator maker Kone Corp. , valued at close to $1 billion according to a Dow Jones Newswires report. Meanwhile, financial shares were also a weak spot for the market following sizeable losses on Wall Street overnight, with Mitsubishi UFJ Financial Group Inc. down 2%, Sumitomo Mitsui Financial Group Inc. down 2.1% and Daiwa Securities Group Inc. down 1.2%.