Nikkei falls after China move, profit-taking weighs
China surprised world markets by raising banks' reserve requirements, with an eye towards reining in surging asset prices.
Japan's Nikkei average slipped 1.3% on Wednesday, hurt by profit-taking and a strong yen, while resource shares dropped after China's decision to start tightening monetary conditions sparked concerns the move might slow demand.China surprised world markets by raising banks' reserve requirements, the strongest of a series of steps towards tightening monetary policy, with an eye towards reining in surging asset prices.The benchmark Nikkei shed 144.11 points to 10,735.03 after closing at a 15-month high on Tuesday.The broader Topix retreated 1.1% to 944.02.