Investors focused on an imminent US Federal Reserve policy meeting as Tokyo equities concluded a bumpy trading day lower on Monday, ahead of three straight public holidays.

The Nikkei 225 index fell 0.11 percent, or 29.37 points, to 26,818.53, while the broader Topix index fell 0.07 percent, or 1.27 points, to 1,898.35.

The dollar was trading at 130.42 yen, down from 129.63 yen earlier in the day and 129.86 yen on Friday in New York.

Due to national holidays, Japan’s markets will be closed on Tuesday, Wednesday, and Thursday.

Investors held off on making large changes because they won’t be able to respond fast to international events, such as the US ISM manufacturing data due later Monday and a Fed meeting ending on Wednesday.

Global investors expect the Federal Reserve of the United States to boost interest rates in a concerted effort to keep inflation under control.

The Tokyo stock market opened higher, but investors rapidly locked in profits, causing share prices to fall.

Later in the day

In the afternoon, bargain hunters lifted stocks to the positive region overall, then the Nikkei returned to losses shortly before the closing bell.

“The wait-and-see attitude strengthened ahead of a three-day break, during which the Federal Open Market Committee will meet,” Okasan Online Securities said.

Analysts sounded warnings that tough times may lie ahead, with US tech shares tanking last week, particularly after disappointing results from Amazon and Apple.

“A global growth slowdown and rising inflation forcing (most) central banks to accelerate their policy normalization process are not helping equity sentiment,” said Rodrigo Catril from National Australia Bank.

Sony Group declined 0.53 percent to 11,160 yen, while Nintendo slid 2.35 percent to 58,500 yen.

Advantest, a leading manufacturer of semiconductor testing kits, fell 4.78 percent to 8,560 yen.

ANA Holdings increased 2.67 percent to 2,519 yen, while Nippon Yusen KK, a prominent shipping company, increased 3.49 percent to 9,790 yen.