Nikkei index: Japanese stocks fall as rising US yields weigh on tech stocks

TOKYO — Japan’s Nikkei stock index fell for a second session on Monday in tight trade, led by losses in tech stocks after U.S. Treasury yields rose as many markets were still closed for the Easter holiday.

The Nikkei ended down 1.08% at 26,799.71. Of the 225 constituents of the benchmark index, 181 fell versus 40 which rose.

The broader Topix lost 0.86% to 1,880.02.

“Looking at recent market movements, this should be a level that would attract bargain hunting, but because it’s the start of the week and there’s a shortage of buy triggers, offers are lacking. , which accelerates declines,” a trader told a national securities firm.

The benchmark 10-year U.S. Treasury yield jumped on Thursday after a batch of economic data was likely to keep the Federal Reserve on its tightening path.

The United States resumes trading on Monday, but markets including the United Kingdom, Australia and Hong Kong remain closed for the Easter holiday.

Uniqlo clothing store owner Fast Retailing was the biggest drag on the Nikkei, falling 1.25%, followed by recruitment services firm Recruit Holdings, which fell 3.32%.

Japan Airlines led the carriers lower with a 2.07% drop after it revised earnings forecasts downward. ANA Holdings slipped 0.93%.

Other declining technologies include Sony Group, which fell 0.67%, Nintendo, down 1.63%, SoftBank Group, down 0.69%.

At the other end, credit card company Credit Saison jumped 20.72% after Murakami-linked fund City Index Eleventh revealed it had taken a 5% stake.

The volume of shares traded on the main board of the Tokyo Stock Exchange was 0.88 billion, compared to an average of 1.33 billion over the past 30 days.

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