Because of high US bond yields
The decline of "heavy" companies drops Japanese stocks
The Nikkei index recorded a loss for the second week in a row.
Japanese stocks fell, yesterday, for the second consecutive session, as they were negatively affected by losses incurred by index-heavy stocks and technology companies, while investor sentiment was affected by the high yields of US bonds.
The Japanese Nikkei index fell 0.23% to 28,864.32 points, and recorded a loss for the second week in a row.
The Topix index closed down 0.61% to 1,896.18 points.
The decline comes after a weaker performance last night at the close on Wall Street, which resulted in the Nasdaq index falling about 10% from its record high level recorded in February. Calming investors, worried about rising US longer-term bond yields.
US Treasury yields jumped during US trading hours after Powell's speech, pushing the 10-year yields topping 1.5%.
Shares in "Fast" Retail, the operating company of "Uniqlo" clothing stores, fell 3.39%, and was the largest contributor to the decline of "Nikki".
Recruiting Holdings Inc., a jobseeker, fell 6.34%.
Chip-related stocks, which led the rally this year, also declined.
Tokyo Electron lost 2.47%, Advantest lost 1.27%, and Fanuc fell 0.94%.
Toshiba’s share rose 6.06%, as the Mizuho Financial Group formed a 5.07% stake in the energy and infrastructure services company, following the disclosure of a 5.21% stake owned by the BlackRock investment fund.
The biggest loser on the index, in percentage, was Hitachi Zusen, which fell 7.5%, followed by Pacific Metals, which fell 6.25%.
And 145 stocks advanced on the Nikkei index, against a decline of 76.
Follow our latest local and sports news, and the latest political and economic developments via Google news