Japan’s Nikkei closed lower, technology stocks affected by Nasdaq

Japan’s Nikkei closed lower on Monday, as technology stocks followed the Nasdaq’s decline, which was affected by the Federal Reserve’s (US Central Bank) strong move to tackle inflation.

The Nikkei index fell 0.61 percent to close at 2,6821.52 points after it had been trading higher earlier in the session. The broader Topix index fell 0.38 percent to 1889.64, after also achieving some gains for a short period.

The Nasdaq index fell 1.34 percent on Friday as US 10-year Treasury yields rose amid expectations of US central bank policy tightening.

The sector leader, Yaskawa Electric, surprised analysts with a record annual operating profit. However, industrial robotics company shares fell 3.08%.

Technology investor SoftBank Group lost 2.69 percent, while shares of the M3 medical services platform fell 5.34 percent.

Daikin Industries, an air conditioner, fell 2.83 percent, and Sony Group fell 3.94 percent.

In terms of gains, utilities shares rose 3.27 percent and were the best performers among the 33 subsector indices on the Tokyo Stock Exchange.

On Friday, Japanese Prime Minister Fumio Kishida unveiled a raft of measures against Russia, including a coal ban, raising the prospects of the country’s shift towards greater reliance on renewable and nuclear energy, market players said.

Tokyo Electric Power Holdings and Chubu Electric Power were the biggest gainers on the Nikkei index, climbing 16.23 percent and 7.4 percent, respectively.

Renewable energy company Renova rose 3.05 percent.

The number of advancing shares on the Nikkei index was 129, compared to 92 declining ones.