Japanese shares drop slightly

Japanese shares fell slightly as the yen strengthened back to the 145 levels per dollar and data showed the country's balance of trade fell back into the red in July.

The Nikkei average slipped 0.29 percent to 37,951.80 while the broader Topix index settled 0.21 percent lower at 2,664.86.

Chip-related stocks fell, with Tokyo Electron, Advantest, Screen Holdings and Shin-Etsu Chemical losing 1-2 percent.

Sven & I Holdings surged 5.8 percent after slumping Tuesday on receiving a preliminary takeover bid from Canada's Alimentation Couche-Tard ATD.TO.

Japan's exports growth accelerated in July driven by weaker yen and imports strengthened as rising wages boosted domestic demand, data published by the Ministry of Finance showed on Wednesday.

Exports posted an annual growth of 10.3 percent, stronger than June's 5.4 percent increase. At the same time, imports registered a robust 16.6 percent expansion, beating expectations for an increase of 14.9 percent. Due to the strong growth in imports, the trade deficit totaled JPY 621.8 billion in July compared to a surplus of JPY 223.98 billion in June.

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