Japanese Nikkei index is falling after an 8-day rise

Japan’s Nikkei index closed lower on Wednesday, ending an eight-day rally, dragged down by heavyweight technology stocks.

The Nikkei index fell 0.18 percent to 28,606.76 points, after closing at its highest level since Aug. 22 on Tuesday.

The rise in the index was driven by optimism about billionaire Warren Buffett who is looking to increase investment in the country.

The broader Topix index fell 0.02 percent to 2,040.38.

The insurance sector rose 2.31 percent, becoming the best performer among the 33 sub-indices on the Tokyo Stock Exchange. The banking sector increased 1.16 percent.

TDK Electronic Components lost 1.81 percent. Chipmaking equipment maker Tokyo Electron was flat.

103 stocks rose on the Nikkei, while 110 declined and 12 stocks settled.