Japanese shares fall as higher US yields weigh on tech stocks


TOKYO – Japan’s Nikkei stock index fell for a second session on Monday in thin trade, dragged down by losses in technology shares after U.S. Treasury yields rose, as many markets were still shut for Easter holidays.

The Nikkei ended 1.08% lower at 26,799.71. Of the benchmark’s 225 components, 181 declined versus 40 that rose.

The broader Topix lost 0.86% to 1,880.02.

“Looking at recent market moves, this should be a level that would attract bargain hunting, but because it’s the start of the week and there’s a scarcity of triggers to buy, bids are lacking, which is accelerating declines,” said a trader at a domestic securities firm.

The benchmark 10-year U.S. Treasury yield jumped on Thursday after a batch of economic data was likely to keep the Federal Reserve on its tightening path.

The U.S. returns to trading on Monday, but markets including the UK, Australia and Hong Kong remain shut for Easter holidays.

Uniqlo clothing shop owner Fast Retailing was the biggest drag on the Nikkei, falling 1.25%, followed by staffing services company Recruit Holdings, which fell 3.32%.

Japan Airlines led carriers lower with a 2.07% slide after revising down earnings guidance. ANA Holdings slipped 0.93%.

Other technology decliners included Sony Group, which fell 0.67%, Nintendo, down 1.63%, SoftBank Group , off 0.69%.

At the other end, credit card company Credit Saison surged 20.72% after Murakami-linked fund City Index Eleventh revealed it had taken a 5% stake.

The volume of shares traded on the Tokyo Stock Exchange’s main board was 0.88 billion, compared to the average of 1.33 billion in the past 30 days.

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