TOKYO, March 10 (Reuters) - Japanese shares were little
changed on Wednesday, as gains in technology stocks tracking an
overnight Wall Street rally offset a fiscal year-end sell off
by domestic funds.
The Nikkei index was up 0.03% at 29,036.57 by
0214GMT, while the broader Topix inched up 0.06% to
Nikkei rallied to a 30-year high last month on expectations
of a swift economic rebound and robust corporate earnings. Fund
houses are booking profits before the fiscal year ends this
"This is all about the move toward the fiscal year end,"
said Shoichi Arisawa, general manager for investment research
department at IwaiCosmo Securities.
"Pension and other funds are trying to cut their stock
holdings that increased during the rally. The sell-off will
continue throughout the month and this will weigh on indexes."
Technology shares rose tracking an about 4% gain in
tech-heavy Nasdaq in its biggest single-day rise since Nov. 4,
as U.S. bond yields retreated.
Fanuc gained 2.58%, while Sony and Nidec
rising 2.41% and 1.89%, respectively.
Terumo rose 1.83% after the medical equipment maker said it
has developed a new syringe that can get seven doses out of each
vial of COVID-19 vaccine made by Pfizer Inc.
Steel and mining sectors fell the most among the 33 sector
sub-indexes on Topix, with JFE Holdings, Kobe Steel
and Nipon Steel dropping 3.71%, 3.59% and
Index heavyweights Fast Retailing, a Uniqlo brand
clothing shop operator, lost 0.77% and investment fund manager
SoftBank Group declined 1.34%.
Top percentage gainers in Nikkei were Dai Nippon Printing
, jumping 6.75%, followed by Yamaha Motor and
Yamato Holdings gaining 4.54% and 3.09%, respectively.
Top percentage decliners were M3 Inc down 5.59 %,
followed by Tokyo Electric Power losing 3.58% and JFE
There were 89 advancers on Nikkei against 131 decliners.
(Reporting by Junko Fujita; Editing by Rashmi Aich)