Roundup: Tokyo stocks close lower amid high oil costs

TOKYO, Oct. 13 (Xinhua) -- Tokyo stocks on Wednesday closed lower in volatile trading, with investors cautiously waiting for the U.S. consumer price index (CPI) data to be released later in the day during recent rise in prices of oil and other commodities.

The 225-issue Nikkei Stock Average finished down 90.33 points, or 0.32 percent, from Tuesday at 28,140.28.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange ended 8.85 points, or 0.45 percent, lower at 1,973.83.

Declining issues were led by marine transportation, iron and steel, and rubber product issues.

Tokyo stock market was in negative territory for most of the day, as the Nikkei index fell more than 200 points to below 28,000 at one time. The decline was also affected by the pessimistic global growth outlook released by the International Monetary Fund (IMF) on Tuesday.

The IMF downgraded its assessment of Japan's economic growth in its forecast for 2021, the second time in four months.

When waiting for the release of the U.S. CPI for September, a gauge of inflation, "overseas investors turned cautious as a higher consumer price index could force the Federal Reserve to raise interest rates sooner than expected," said Chihiro Ota, assistant general manager of investment research at SMBC Nikko Securities Inc.

Market expectations toward the U.S. central bank of tapering its massive bond purchases next month increased as the dollar went stronger amid higher inflation.

The downtrend of stocks became slower following the Nikkei's slip to around the 28,000-mark, which boosted some investors to buy on dips, brokers said.

On the First Section, decliners outnumbered advancers 1,491 to 608, while 84 finished unchanged.

Steelmakers and shipping companies were significantly struck as the global growth outlook went weaker.

Nippon Steel sank 2.2 percent, with rival JFE Holdings dropping 1.7 percent.

Mitsui O.S.K Lines slipped 3.7 percent and Kawasaki Kisen declined 3.6 percent.

Some Apple Inc. suppliers decreased following media reports that the U.S. tech giant may reduce production of the iPhone 13 due to shortages of semiconductors.

Alps Alpine went down 1.7 percent, and Taiyo Yuden plunged 6.1 percent.

Trading volume on the main section declined to 1,111.80 million shares from Tuesday's 1,134.93 million shares.