Japanese stocks slip in choppy trade

Japanese stocks fell to a four-week low on Wednesday morning in choppy trade after falling for five straight days, with most sectors in negative territory.

Real estate firms, mining companies and steelmakers were the big losers of the day, reports Reuters.

The Nikkei shed 0.2 per cent to 23,239.73 after falling to as low as 23,184.00, its weakest since Jan. 4, the first trading day of the year. The index briefly stepped into positive territory in early trade.

Although the Nikkei is still up 2.0 per cent this year, it has fallen 3.8 per cent from its recent 26-year peak of 24,129.34 hit a week ago.

Mitsubishi Estate declined 1.2 per cent, Sumitomo Realty & Development fell 1.6 per cent, Inpex Corp dropped 1.2 per cent and Nippon Steel & Sumitomo Metal shed 1.0 per cent.

Bucking the weakness, NEC Corp soared more than 5.0 per cent after it said that it was seeking to cut its domestic workforce by 3,000 people.

The broader Topix declined 0.1 per cent to 1,855.48.