Japan's Nikkei average slipped 0.1 percent on Thursday, as falls in defensive stocks such as drugmakers offset gains in exporters after unexpectedly strong economic data buoyed Wall Street.
Elpida Memory Inc (6665.T) soared 17.4 percent to 654 yen after it said it would raise 46 billion yen ($471 million), aiming to shore up its balance sheet and avoid breaching debt covenants.
Market analysts said investor sentiment did not seem weak as the Nikkei .N225 could fall more because buyers of many shares from Thursday onwards will not receive dividend payments for the financial year ending this month.
"The market is relatively solid considering the ex-dividend impact on the Nikkei is about 80 points and as U.S. economic indicators turned out better than expected," said Kazuhiro Takahashi, general manager at Daiwa Securities SMBC.
"Currency moves and U.S. stock futures are also stable, helping exporter shares, though we still lack a specific trading theme for the day."
The benchmark Nikkei .N225 slipped just 4.11 points to 8,475.88. It closed 0.1 percent lower the previous day, but was still more than 10 percent above its 25-day moving average.
The broader Topix declined 0.3 percent to 815.93.
The Dow Jones industrial average .DJI gained 1.2 percent on Wednesday as unexpectedly strong housing and durable goods data fueled hopes the economy is finally on the mend. .N
Defensive Japanese stocks such as drugmakers fell, as exporters fared better.
Takeda Pharmaceutical Co (4502.T) lost 5.3 percent to 3,570 yen and Eisai Co (4523.T) sank 5.1 percent to 2,970 yen. The stocks were the top two drags on the Nikkei 225.
Exporters Sony Corp (6758.T) advanced 5.8 percent to 2,195 yen and Tokyo Electron Ltd (8035.T) gained 3.4 percent to 3,910 yen.
Shares of Mitsubishi UFJ Financial Group (8306.T), Japan's top lender, added 1.1percent to 538 yen.
