Nikkei closed lower as technology stocks declined

The Japanese Nikkei index closed lower on Monday, as heavyweight technology stocks tracked the decline in the US Nasdaq index in the last session, while investor sentiment was affected by some companies announcing bleak earnings forecasts.

The Nikkei index fell 0.88 percent to close at 27,427.32 points, after falling to 27,266.94 points, its lowest level since January 25.

The broader Topix index fell 0.47 percent to 1,977.67 points.

Limiting the index’s losses, Honda Motor shares rose 4.54 percent after the company reported a larger-than-expected 22 percent growth in its operating profit for the third quarter.

Mitsubishi Banking Group rose 0.89 percent, raising the banking sector sub-index 0.63 percent, amid expectations that the Bank of Japan will adjust its monetary policy with the appointment of a new governor.