Japanese stocks edge lower; large cap shares slip

Japan’s Nikkei share average edged lower on Monday with weakness in large-cap stocks such as Fanuc and SoftBank taking a toll, offsetting gains in retail stocks which rose on strong monthly sales. The Nikkei dropped 0.2 per cent, or 49.39 points, to 22,769.64 in midmorning trade. Fanuc Corp shed 1.7 per cent and SoftBank Group Corp declined 1.0 per cent, contributing a hefty negative 26 points to the Nikkei index, reports Reuters. Department store operators gained ground, with Isetan Mitsukoshi Holdings rising 1.2 per cent, J. Front Retailing soaring 2.7 per cent and Takashimaya Co surging 1.8 per cent after they posted strong monthly sales in November thanks to higher inbound-tourism demand and strong sales of winter clothes. The broader Topix dropped 0.1 per cent to 1,794.04.