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Japanese shares end lower as China stocks, U.S. bond yields weigh

03/23/2021 | 01:45am EDT

TOKYO, March 23 (Reuters) - Japanese shares snapped early gains to end lower on Tuesday, tracking lacklustre performance in Chinese markets as investors locked in profit on a recent rally in some mainland firms, while the volatility of U.S. bond yields also dampened risk appetite.

The Nikkei share average fell 0.61% to close at 28,995.92, while the broader Topix declined 0.94% to 1,971.48.

"The retreat in the afternoon is simply due to the outside factors, such as declines in China stocks and U.S. futures," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management.

"Investors held their bets as they are still cautious about the direction of the U.S. bond yields."

Treasury yields dipped on Monday, but held near more than one-year highs as investors bet on a faster U.S. economic recovery and higher inflation pressures.

Nikkei heavyweights SoftBank Group fell 0.9% and Fast Retailing lost 0.1%.

Persistent worries of policy tightening in China also continued to weigh on high-flying sectors and stocks with lofty valuations as investors turned cautious.

Companies that rely on China slumped, with robot maker Fanuc losing 1.53% and construction machinery maker Komatsu shedding 1.24%.

Japan Exchange Group jumped 2.78% after the operator of the Tokyo Stock Exchange raised its full-year net profit forecast to 51.5 billion yen ($473.17 million) from 45.5 billion yen.

Stocks that gained the most among the top 30 core Topix names were Nintendo up 1.59 %, followed by Seven & i Holdings, up 1.23%.

Mitsubishi UFJ Financial Group and Central Japan Railway, which lost more than 3% each, were the worst performers among the Topix 30.

The largest percentage gainers in the Nikkei index were Japan Exchange Group, followed by Canon gaining 1.95 % and Shionogi & Co up 1.76%.

Kawasaki Kisen Kaisha, down 7.21 %, was the biggest loser in the Nikkei, followed by Rakuten losing 6.69 % and Mitsui OSK Lines falling 5.82 %. (Reporting by Junko Fujita, Editing by Sherry Jacob-Phillips)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CANON INC. 2.90% 2713.5 End-of-day quote.37.18%
CENTRAL JAPAN RAILWAY COMPANY 2.04% 16545 End-of-day quote.13.40%
FANUC CORPORATION 2.25% 25425 End-of-day quote.0.26%
FAST RETAILING CO., LTD. 1.50% 77100 End-of-day quote.-16.62%
JAPAN EXCHANGE GROUP, INC. 2.59% 2973.5 End-of-day quote.12.72%
KAWASAKI KISEN KAISHA, LTD. 10.99% 8380 End-of-day quote.296.78%
KOMATSU LTD. 1.92% 2732.5 End-of-day quote.-3.02%
MITSUBISHI UFJ FINANCIAL GROUP, INC. 4.18% 668.3 End-of-day quote.46.52%
MITSUI O.S.K. LINES, LTD. 6.70% 9870 End-of-day quote.213.33%
NIKKEI 225 2.06% 30248.81 Real-time Quote.10.22%
NINTENDO CO., LTD. 1.05% 53800 End-of-day quote.-18.27%
RAKUTEN GROUP, INC. 1.53% 1125 End-of-day quote.13.18%
SEVEN & I HOLDINGS CO., LTD. 1.09% 5201 End-of-day quote.42.14%
SHIONOGI & CO., LTD. 1.54% 7493 End-of-day quote.32.97%
SHISEIDO COMPANY, LIMITED 2.19% 7848 End-of-day quote.9.98%
SOFTBANK GROUP CORP. 2.76% 6627 End-of-day quote.-17.76%
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