TOKYO, Oct 10 (Reuters) - The Nikkei average shed 1.6 percent and the broader TOPIX also dropped 1.4 percent on Wednesday morning.
The following stocks were on the move:
**JFE, KOBE STEEL FALL, NOMURA CUTS PRICE TARGETS**
JFE Holdings dropped 3.4 percent to 979 yen and Kobe Steel Ltd lost 4.8 percent to 60 yen after Nomura Securities cut its price targets on the two steelmakers.
Nomura lowered its price target on JFE to 1,030 yen from 1,050 to reflect wider inventory valuation losses, while it reduced Kobe Steel price objective to 65 yen from 77, citing worsening business conditions.
The brokerage also cut its price target on Nippon Steel & Sumitomo Metal Corp to 155 yen from 163, citing a slightly harsher outlook for earnings at steel-related businesses.
Nippon Steel & Sumitomo Metal slipped 1.9 percent to 159 yen.
**PC-RELATED FIRMS SUFFER ON CONCERNS ABOUT WEAK OUTLOOK**
Companies with significant exposure to the PC market came under pressure after Intel Corp , the world's largest semiconductor maker, dropped 2.7 percent after negative reports by at least two brokerages, citing weak demand for notebooks.
U.S. chipmaker Intersil Corp estimated third-quarter revenue below analyst estimates, which also weighed on Japanese PC-related companies.
Printed circuit board maker Ibiden Co Ltd sagged 3.9 percent to 995 yen, hitting a nine-year low, while Shinko Electric Industries Co Ltd , maker of semiconductor packages and leadframes, shed 1.8 percent to 486 yen.
Nidec Corp , maker of micro motors, dropped 2.7 percent to 4,980 yen and TDK Corp lost 1.9 percent to 2,820 yen.
**TOKYO ELECTRON RISES AFTER Q2 ORDERS BEAT EXPECTATIONS**
Tokyo Electron Ltd advanced 1.5 percent to 3,315 yen after its second quarter orders came in at 75 billion yen, above market expectations of between 50 and 60 billion yen, traders said.
The producer of semiconductor and LCD making equipment has fallen 15.5 percent so far this year, underperforming a 2.3 percent rise in the Nikkei.
(Reporting by Dominic Lau; Editing by Joseph Radford, Prateek Chatterjee and G.Ram Mohan)
Keywords: MARKETS JAPAN STOCKS HOT/