CORRECTED-Japanese shares extend losses as BOJ's lack of action disappoints

(Corrects percentage fall in Nikkei to 1.61% from 1.91% in
second paragraph)
TOKYO, May 12 (Reuters) - Japanese stocks ended lower on
Wednesday, tracking an extended sell-off in Asian shares, as
investors refrained from placing big bets amid the Bank of
Japan's absence in supporting the market despite a sharp drop in
the previous session.
The Nikkei share average .N225 fell 1.61% to close at
28,147.51, after falling to the lowest level in more than three
months earlier in the session. The broader Topix .TOPX lost
1.47% to 1,877.95.
Asian shares fell to their lowest in seven weeks as surging
commodity prices and growing inflationary pressure in the United
States prompted markets to bet on earlier rate hikes and higher
bond yields globally. MKTS/GLOB
"There are concerns around the recovery of Asian economies
amid an increase in the number of COVID-19 infections,
particularly in Taiwan," said Takatoshi Itoshima, strategist at
Pictet Asset Management.
Taiwan, which has so far controlled the pandemic well, may
raise its COVID-19 alert level in "coming days". "Also the Bank of Japan so far hasn't shown any signs of
supporting the market. That has disappointed investors."
The Bank of Japan, which typically buys stocks in
exchange-traded funds (ETFs) in bulk when markets are falling,
did not step in on Tuesday when both the Nikkei and Topix marked
their biggest daily drop since Feb. 26.
SoftBank Group 9984.T dragged the Nikkei lower by losing
3.45% despite a local media report that the tech start-up
investor was set to deliver a net profit later in the day.

Nissan Motor 7201.T tumbled 10.04% after the automaker
flagged a weaker-than-expected outlook for the current fiscal
year. Toyota Motor 7203.T gained 2.18% after flagging a 14%
increase in its operating profit forecast for this year.
Although the guideline missed the average profit forecast from
24 analysts compiled by Refinitiv. There were 31 advancers in the Nikkei index against 192
decliners.