The Japanese Nikkei Index closed lower on Wednesday, hitting an overnight decline in key US indices, but limited its losses as some investors took lower stocks.

The Nikkei ended 0.26% lower at 26677.80 points. The broader Topics Index fell 0.09% to 1876.58 points.

The American Standard & Poor’s 500 and Nasdaq indices closed last night

“We do not see any signs of market action and investors are cautious about placing their bets ahead of the upcoming US Federal Open Market Committee meeting. But local stocks have plummeted to the point where investors are buying cheaply.

Analysts in the Reuters poll expect the Nikkei to rise more than 7% to 29,000 points by the end of 2022, which was not achieved until early January. The index has seen sharp fluctuations over the past year.

Shares of Recruit Holdings fell 3.31%, while Nikkei was the biggest loser, and shares of SoftBank Group fell 1.71%.

Shares of game maker Nintendo fell 4.25%. But Toshiba’s stock rose 2.41% after reports that Japan Investments, a state – backed fund, was considering acquiring the Japanese company.