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Nikkei retreats from 10-month highs before Fed

Published 08/11/2009, 10:08 PM
Updated 08/12/2009, 04:24 AM
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TOKYO, Aug 12 (Reuters) - Japan's Nikkei average pulled back from 10-month highs on Wednesday as concerns over a U.S. economic recovery grew, with investors locking in profits before the end of a Federal Reserve meeting.

Japan's No. 2 drug company, Astellas Pharma, extended losses to 3.8 percent on looming competition and a ratings downgrade after Novartis said during Tokyo market hours on Tuesday that its Sandoz unit has launched the first generic version of Astellas' Prograf transplant drug.

The benchmark Nikkei shed 0.8 percent or 82.50 points to 10,502.96 after hitting a 10-month high of 10,587.36 the day before. The broader Topix fell 0.9 percent to 964.78. (Reporting by Elaine Lies)

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