Japan shares track Wall Street lower after Fed's remarks

Reuters

Warning: This material has been prepared by a third party company, Reuters, which is independent of Davy. Davy has not reviewed the material and accepts no responsibility for errors or omissions, or for the information or opinions contained therein. It does not constitute investment advice.

    TOKYO, March 5 (Reuters) - Japanese shares fell for a second
straight session on Friday as overnight declines on Wall Street
prompted domestic investors to sell index heavyweights and
high-flying technology shares.
    The Nikkei share average  .N225  lost 2.14% to 28,311.11 by
0200 GMT, while the broader Topix  .TOPX  was down 1.13% to
1,863.45.
    U.S. equities ended sharply lower on Thursday, leaving the
Nasdaq down nearly 10% from its February record high, after
remarks from Federal Reserve Chair Jerome Powell disappointed
investors worried about rising longer-term U.S. bond yields. .N 
 urn:newsml:reuters.com:*:nL2N2L2262
    U.S. Treasury yields jumped during U.S. trading hours after
Powell's speech, sending the 10-year yield to top 1.5%.  
    "The move of the U.S. long-term bond yields is now the
centre of the attention for stock investors," said Yoshihiro
Takeshige, general manager at investment management department
of Asahi Life Asset Management. 
    "If the move of yields will become out of control, Japan's
market could be dragged lower led by declines in U.S. technology
shares." 
    Heavyweights Fast Retailing  9983.T , the operator of Uniqlo
clothing stores, fell 5.08%, weighing on the index the most.
Chip manufacturing equipment maker Tokyo Electron  8035.T  and
SoftBank Group  9984.T  fell 4.63% and 2.28%, each. 
    Other chip-related shares, which led this year's rally,
retreated, with Advantest  6857.T  falling 4.03% and Fanuc
 6954.T  losing 1.61%. 
    The stocks that gained the most among the top 30 core Topix
names were Kao  4452.T , which rose 1.69%, followed by Seven & i
Holdings  3382.T , edging up 0.6%. 
    The underperformers among the Topix 30 were Recruit Holdings
Co  6098.T , down 6.57%, followed by SoftBank Group.
    There were 67 advancers on the Nikkei index against 155
decliners.  

 (Reporting by Junko Fujita; editing by Uttaresh.V)
 ((813-4563-2711, junko.fujita@thomsonreuters.com, Reuters
Messaging:junko.fujita.reuters.com@reuters.net;))

Warning: This content may be provided by regulated and unregulated entities and is not created, reviewed or endorsed by Davy. It is provided for general information purposes only and does not constitute a recommendation or solicitation to purchase or sell any security or make any other type of investment or investment decision. Importantly, it does not constitute investment advice, as it does not contemplate the personal circumstances of any particular person or group of persons. Neither Davy nor the providers of the Third Party Content will be liable for any investment decision made based on the reliance on or use of such data, or any liability that may arise due to delays or interruptions in the delivery of the Third Party Content for any reason.