👀 Ones to watch: Undervalued stocks to buy before they report Q3 earningsSee Undervalued Stocks

Japanese shares end lower on year-end positioning, rising U.S. yields

Published 03/08/2021, 03:01 PM
Updated 03/08/2021, 03:10 PM
© Reuters.
JP225
-
TOPX
-
1605
-
8766
-
4502
-
7752
-
5401
-
6857
-
9983
-
9984
-
6594
-
7974
-
MRNA
-

TOKYO, March 8 (Reuters) - Japanese shares reversed course
to end lower on Monday as some investors adjusted positions
ahead of the end of the fiscal year, while concerns over rising
U.S. bond yields also weighed on sentiment.
The Nikkei share average .N225 fell 0.42% to close at
28,743.25, while the broader Topix .TOPX edged down 0.14% to
1,893.58.
"Investors are trying to take advantage of the recent rally
to adjust their positions toward the end of the fiscal year in
March," said Takashi Hiroki, chief strategist, Monex Securities.
Japanese shares made a strong start to 2021, with the Nikkei
touching 30,000 level for the first time in 30 years last month
on optimism over COVID-19 vaccine rollouts and an economic
recovery.
However, domestic equities have weakened in the past few
sessions as rising bond yields globally sparked fears that
central banks would tighten policy.
"Investors are concerned about the outlook of U.S. rates,
while the Bank of Japan's stance on the purchase of
exchange-traded funds has not been confirmed," Hiroki said.
On Monday, Uniqlo clothing chain operator Fast Retailing
9983.T lost 1.66%. Fund manager SoftBank Group 9984.T fell
2.36% and chip testing equipment maker Advantest 6857.T
declined 3.38%.
Office equipment maker Ricoh 7752.T slumped 6.27%, making
it the biggest loser on the Nikkei.
Takeda Pharmaceutical 4502.T jumped 3.91% after the
drugmaker said it had sought approval for the use of Moderna 's
MRNA.O COVID-19 vaccine. Nippon Steel Corp 5401.T advanced 3.32% after it said it
would further reduce capacity due to falling domestic demand and
intensifying competition from China.
Japan's biggest oil and gas explorer, Inpex 1605.T , gained
4.56% on the back of higher oil prices. The stocks that gained the most among the top 30 core Topix
names were Takeda Pharmaceutical, followed by Tokio Marine
Holdings 8766.T , which rose 3.72%.
The underperformers among the Topix 30 were Nidec 6594.T
down 5.72%, followed by Nintendo 7974.T losing 3.69%.
There were 140 advancers on the Nikkei index against 81
decliners.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.