Nikkei average down

Japan's Nikkei average inched down 0.2 percent on Wednesday, weighed down by worries about a stronger yen and doubts over the US economic recovery as the market awaited events later this week, including the results of European bank "stress tests".
While charts suggest recent falls in the Nikkei may be coming to an end, a number of lacklustre US indicators including Tuesday's housing starts are keeping investors wary, with few willing to actively buy before Japanese earnings pick up steam next week.
The benchmark Nikkei fell 21.63 points to 9,278.83, after eking out small gains in early trade. The broader Topix slipped 0.4 percent to 829.35.
The dollar fell 0.5 percent to 87.10 yen, staying near a 7-month trough of 86.27 yen struck on EBS last week, as fears about a slowing US recovery prompted investors to cut long positions in the greenback. Market players say support for the Nikkei likely stands firm at 9,200, just under its July 1 close, which was a seven-month closing low. After that, support lies around 9,091, a low hit this month, and 9,076, a low posted in November 2009.
Shares of Nomura Holdings Inc, Japan's top brokerage, were down nearly 4 percent after the Nikkei business daily reported on Monday that smaller rival Daiwa Securities Group likely suffered a loss in April-June, as financial market turmoil stemming from the Greek debt crisis took its toll. Daiwa shares were down 3.5 percent on Wednesday. On the technical front, in a sign that recent drops, which saw the Nikkei lose 1.8 percent last week, may be coming to an end, the Nikkei's MACD has narrowly avoided a bearish cross and appears to be levelling out.
Trade picked up on the Tokyo exchange's first section, with 2 billion shares changing hands, its highest volume in a week. Declining shares outnumbered advancing ones by nearly 3 to 1. Expectations towards earnings were a main driver in the market. Shares of Nomura lost 3.8 percent to 455 yen and Daiwa fell to 363 yen. Earlier the stock fell to 53,000 yen, its lowest in nearly 14 months. Shares of electronics firm Omron sped up its decline to end the day 3 percent lower after news that workers at its southern Chinese factory have gone on strike, demanding a 40 percent pay increase.