2013.06.0505:23:15UTC+00Japan stocks retreat before Abe's speech

Japanese stocks sharply decline in early Wednesday action after a drop on Wall Street, with monetary shares and several exporters slumping on caution ahead of Prime Minister Shinzo Abe's speech later in the day. The Nikkei Stock Average was decreased by 0.3% to 13,500.27 after opening higher, while the broader Topix retreated 0.7% to 1,117.86. Prime Minister Abe was set to outline an economic growth strategy later in the day, with The Wall Street Journal reporting he'd announce a plan for greater targeted stock purchasing, while Kyodo News reported the government would committed to create 4.4 million new jobs by 2030. Shares of Mitsubishi UFJ Financial Group Inc. relinquished 2.5% and Mizuho Financial Group Inc. traded 2% lower. Exporters pull back although the U.S. dollar stayed above ¥100, with Mitsubishi Motors Corp. backsliding 5.1% and Sony Corp. giving up 2.2%.