Japan Shares Closed Flat, Fund Sales Wiped Out Tech Firms’ Gains

Japanese stocks were largely unchanged on Wednesday, March 10, as sales of domestic funds before the end of the fiscal year wiped out gains in tech stocks that tracked Wall Street’s rally last night.

The Nikkei rose 0.03% to close at 29036.56 points, while the Topix gained 0.11% to 1919.74 points.

Nikkei rose to a 30-year high last month thanks to expectations of a rapid economic recovery and strong corporate results. Funds are reaping profits before the end of the fiscal year in Japan this month.

Technology stocks rose, following a 4% gain for the US Nasdaq Index, which is teeming with technology companies, the largest daily gain since Nov. 4, while US bond yields declined.