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Tokyo stocks fall before U.S. Fed policy meet, resources gain on gold+
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TOKYO, Nov. 4 (AP) - (Kyodo)—(EDS: TO BE LED)

Tokyo stocks fell slightly Wednesday morning after a mixed performance on Wall Street, with support from some resource shares on record-high gold prices while investors cautiously await the results of a two-day U.S. Federal Open Market Committee meeting.

The 225-issue Nikkei Stock Average lost 6.67 points, or 0.07 percent, to 9,796.28 from Monday's three-week closing low. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 1.67 points, or 0.19 percent, to 878.87.

Decliners were led by metal product, food and precision machinery issues. Major gainers included the nonferrous metal, oil and coal product, and consumer finance sectors.

"The downside is limited as luckily there wasn't much volatility in U.S. stocks while Japanese markets were closed (Tuesday) for a national holiday," said Nikko Cordial Securities Inc. equity manager Hiroichi Nishi.

Buying helped lift the Nikkei briefly into positive territory as some investors felt stocks were oversold given the benchmark index's more than 5 percent decline over the week through Monday, brokers said. Resource-related stocks, such as nonferrous metal issues, advanced after gold futures surged to record highs Tuesday in New York.

"But on the whole, investors are finding it difficult to make aggressive moves as they want to first see Federal Reserve Chairman Ben Bernanke's statement on the FOMC's assessment of the U.S. economic outlook, as well as U.S. jobs figures later today," Nishi said.

Market attention is also focused on policy meetings of the Bank of England and European Central Bank, respectively, over the next two days as investors watch for monetary policy changes, brokers said.

 
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