Japanese shares dip; Nissan falls on COO departure

TOKYO, Dec 25 (Reuters) - Japan's Nikkei share average
dipped in holiday-thinned trade on Wednesday while Nissan
dropped after a top executive tasked with leading a recovery at
the troubled automaker decided to resign just weeks into his new
job.
As of 0115 GMT, the Nikkei share average .N225 ticked down
0.09% to 23,809.12 while the broader Topix .TOPX lost 0.26% to
1,723.72, with decliners outnumbering gainers by 72 to 28.
While the Nikkei was not far from a 14-month high of 24,091
hit last week, its rally on the back of optimism on the global
economic outlook and U.S.-China trade negotiations has petered
out with many players away for holidays.
Given the dearth of big macroeconomic events, traders
focused on some shares that had some news.
Nissan Motor 7201.T fell 2.2% to its lowest in nearly four
months after Jun Seki, its vice chief operating officer and a
former contender for CEO, said he was leaving the firm to become
the president of Nidec Corp 6594.T . His decision is seen as a potential blow to the automaker's
push to turn the corner on a scandal involving ousted former
Chairman Carlos Ghosn and slumping sales.
Nissan shares marked the biggest drop among the 225
constituents of the Nikkei average. Nidec shares were down 0.1%.
Shimamura 8227.T tumbled 7.1% after the clothing retailer
cut its profit estimates for the year to February by about 25%,
citing weak sales.
Sugi Holdings 7649.T lost 6.7% after earnings the
drugstore chain operator's quarterly earnings fell short of
strong market expectations.
Japan Post Insurance 7181.T dropped 2.1% and its parent
Japan Post Holdings 6178.T ticked down 0.3% amid media report
that the CEO of Japan Post Holdings and two top executives at
Japan Post Insurance will resign this week over the improper
sales of insurance policies. Japan Post Insurance has been marred by the scandal for
months and its shares have lost almost 30% of their value so far
this year, compared to 19% gains in the Nikkei.