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Japan shares track Wall Street lower after Fed's remarks

Published 05/03/2021, 03:41
Updated 05/03/2021, 03:42
© Reuters.

TOKYO, March 5 (Reuters) - Japanese shares fell for a second
straight session on Friday as overnight declines on Wall Street
prompted domestic investors to sell index heavyweights and
high-flying technology shares.
The Nikkei share average .N225 lost 2.14% to 28,311.11 by
0200 GMT, while the broader Topix .TOPX was down 1.13% to
1,863.45.
U.S. equities ended sharply lower on Thursday, leaving the
Nasdaq down nearly 10% from its February record high, after
remarks from Federal Reserve Chair Jerome Powell disappointed
investors worried about rising longer-term U.S. bond yields. .N
U.S. Treasury yields jumped during U.S. trading hours after
Powell's speech, sending the 10-year yield to top 1.5%.
"The move of the U.S. long-term bond yields is now the
centre of the attention for stock investors," said Yoshihiro
Takeshige, general manager at investment management department
of Asahi Life Asset Management.
"If the move of yields will become out of control, Japan's
market could be dragged lower led by declines in U.S. technology
shares."
Heavyweights Fast Retailing 9983.T , the operator of Uniqlo
clothing stores, fell 5.08%, weighing on the index the most.
Chip manufacturing equipment maker Tokyo Electron 8035.T and
SoftBank Group 9984.T fell 4.63% and 2.28%, each.
Other chip-related shares, which led this year's rally,
retreated, with Advantest 6857.T falling 4.03% and Fanuc
6954.T losing 1.61%.
The stocks that gained the most among the top 30 core Topix
names were Kao 4452.T , which rose 1.69%, followed by Seven & i
Holdings 3382.T , edging up 0.6%.
The underperformers among the Topix 30 were Recruit Holdings
Co 6098.T , down 6.57%, followed by SoftBank Group.
There were 67 advancers on the Nikkei index against 155
decliners.

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