Japan Shares Closed Lower

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 drop comes after a weaker performance last night at the close on Wall Street that resulted in the Nasdaq index dropping nearly 10% from its record high in February, as statements by Federal Reserve Chairman Jerome Powell failed to calm investors anxious about rising bond yields. The longest-term American.

US Treasury yields jumped during US trading hours after Powell’s speech, pushing the 10-year yield to over 1.5 percent.

Fast Retail, the operator of Uniqlo clothing stores, fell 3.39% and was the largest contributor to the Nikkei decline. Recruit Holdings Holdings plunged 6.34%.

Chip-related stocks, which led the rally this year, also declined. Tokyo Electron fell 2.47%, Advantest lost 1.27%, and Fanuc fell 0.94%.

Toshiba shares rose 6.06% as 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, by percentage, was Hitachi Zusen, which fell 7.5%, and was followed by Pacific Metals, which fell 6.25%.

145 shares advanced on the Nikkei index, against a decline of 76.