* Exporters, techs soft as yen strength continues
* Investors wary ahead of Fed meeting results
* Property shares climb on upbeat data, investment hopes
By Aiko Hayashi
TOKYO, Dec 15 (Reuters) - Japan's Nikkei stock average
slipped 0.3 percent on Tuesday, with Canon Inc <7751.T> and other
exporters hit by continued strength in the yen and as investors
grew cautious ahead of a Federal Reserve meeting.
But slides were countered by gains in property developers
after Secured Capital Japan Co <2392.T> said it plans to buy a
building in central Tokyo, in a deal sources said could be worth
about $1.6 billion, prompting hopes for further investment in the
sector. []
The Federal Reserve starts its two-day meeting on Tuesday and
is likely to keep rates unchanged near zero. But all eyes are on
the accompanying statement, especially after upbeat sales and
jobs data led markets to price in the chance of a rate hike in
the middle of 2010.
"The market is now just waiting for more trading clues. The
Fed meeting and its statement as well as U.S. economic data and
ensuing reactions in the currency market are a main focus," said
Kazuhiro Takahashi, general manager at Daiwa Securities SMBC.
"But hopes that overseas investors might revive active
investment in Japanese property assets are lifting real estate
stocks."
The benchmark Nikkei <> fell 29.06 points to 10,076.62,
while the broader Topix <> was flat at 884.61.
Global credit worries also continued to weigh on investor
confidence, an analyst said.
"Even though Dubai concerns have been greatly eased, the fact
that S&P cut Mexico's rating yesterday is keeping foreign
investors a bit jittery and making it hard for them to buy
stocks," said Hideyuki Ishiguro, a strategist at Okasan
Securities.
Dubai said on Monday it had received $10 billion from fellow
UAE member Abu Dhabi, easing fears of a potential debt default
that had rattled global markets. []
But Standard & Poor's cut its credit rating on Mexico by one
notch to BBB from BBB-plus exactly one week after Fitch became
the first ratings agency to downgrade the country in more than a
decade. []
EXPORTERS DOWN, PROPERTY FIRMS SHINE
The dollar was steady against the yen around 88.75 yen <JPY=>
after falling the day before, with the yen's strength continuing
to weigh on exporters.
Canon slipped 1.3 percent to 3,710 yen, Sony Corp <6758.T>
fell 1.2 percent to 2,580 yen and Kyocera Corp <6971.T> shed 1
percent to 7,810 yen. Toyota Motor Corp <7203.T> dipped 0.3
percent to 3,700 yen.
Shares of Secured Capital Japan Co <2392.T> were awash with
buy orders at 96,300 yen, up 11.6 percent from Monday's close,
after the property fund manager said it plans to buy a 32-storey
office building in a prime location near Tokyo railway station.
[]
Property developers were also helped by a 10.8 percent jump
in new apartments put up for sale in the Tokyo area in November
from a year earlier.
Mitsui Fudosan Co <8801.T> climbed 2.4 percent to 1,564 yen,
Mitsubishi Estate Co <8802.T> jumped 3.6 percent to 1,480 yen and
Sumitomo Realty & Development Co <8830.T> shot up 5.1 percent to
1,720 yen.
Leopalace21 <8848.T> surged 12.5 percent to 323 yen after
Credit Suisse hiked its rating on the apartment builder to
"outperform".
Mitsubishi UFJ Financial Group <8306.T> rose 0.5 percent,
snapping a four-day losing run partly on short-covering, after it
priced a share sale at 428 yen to raise up to $11.6 billion to
help meet stricter global capital requirements. []
(Additional reporting by Elaine Lies; Editing by Edwina Gibbs)
