AIRLINK 190.45 Decreased By ▼ -3.05 (-1.58%)
BOP 9.91 Increased By ▲ 0.27 (2.8%)
CNERGY 7.63 Increased By ▲ 0.10 (1.33%)
FCCL 37.56 Decreased By ▼ -0.14 (-0.37%)
FFL 15.59 Decreased By ▼ -0.01 (-0.06%)
FLYNG 25.51 Decreased By ▼ -0.08 (-0.31%)
HUBC 129.01 Increased By ▲ 1.94 (1.53%)
HUMNL 13.50 No Change ▼ 0.00 (0%)
KEL 4.62 Increased By ▲ 0.04 (0.87%)
KOSM 6.23 Increased By ▲ 0.13 (2.13%)
MLCF 43.93 Decreased By ▼ -0.03 (-0.07%)
OGDC 204.60 Increased By ▲ 1.36 (0.67%)
PACE 6.47 Increased By ▲ 0.07 (1.09%)
PAEL 40.70 Decreased By ▼ -0.28 (-0.68%)
PIAHCLA 17.33 Decreased By ▼ -0.16 (-0.91%)
PIBTL 7.96 Increased By ▲ 0.30 (3.92%)
POWER 9.16 Increased By ▲ 0.08 (0.88%)
PPL 175.00 Increased By ▲ 0.75 (0.43%)
PRL 38.09 Increased By ▲ 0.02 (0.05%)
PTC 24.35 Increased By ▲ 0.28 (1.16%)
SEARL 106.51 Decreased By ▼ -0.73 (-0.68%)
SILK 0.99 Increased By ▲ 0.02 (2.06%)
SSGC 37.43 Increased By ▲ 1.03 (2.83%)
SYM 19.20 Increased By ▲ 0.16 (0.84%)
TELE 8.54 Increased By ▲ 0.30 (3.64%)
TPLP 12.40 Increased By ▲ 0.62 (5.26%)
TRG 65.80 Increased By ▲ 0.92 (1.42%)
WAVESAPP 12.79 Increased By ▲ 1.16 (9.97%)
WTL 1.69 Increased By ▲ 0.01 (0.6%)
YOUW 3.91 Increased By ▲ 0.06 (1.56%)
BR100 11,814 Increased By 45.8 (0.39%)
BR30 35,245 Increased By 280.8 (0.8%)
KSE100 112,239 Increased By 751.4 (0.67%)
KSE30 35,183 Increased By 248.8 (0.71%)

TOKYO: Japanese shares reversed course to close lower on Tuesday, as a jump in U.S. bond yields made investors cautious, prompting a sell-off in market heavyweights.

The Nikkei share average fell 0.27% to 28,257.25, after rising as much 0.9% earlier in the session. The broader Topix dropped 0.42% to 1,978.38.

“Sentiment was weakened by rising U.S. Treasury yields. Investors thought the U.S. market would fall this evening,” said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities, adding mixed messages from the Bank of Japan after its policy meeting also weighed.

The Bank of Japan upgraded its inflation forecasts and flagged heightening chances the recent commodity-driven price hikes will broaden, the latest sign of its conviction Japan is emerging sustainably out of deflation.

U.S. Treasury yields jumped along the curve during Asian trading hours, lifting the shorter end to new pandemic highs, as traders braced for the possibility of a hawkish surprise from the Federal Reserve.

Benchmark 10-year yields rose more than 6 basis points to 1.8550% and Fed funds futures dived as markets baked in a hike in March and three more by the end of the year.

Japanese shares traded in positive territory earlier in the session, tracking a solid finish overnight in European markets.

Uniqlo clothing store owner Fast Retailing ended 2.37% higher, while chip-making equipment maker Tokyo Electron edged up 0.08%. Technology start-up investor SoftBank Group gave up its gains to fall 0.4%.

Japanese railway operators climbed 0.59% even as Tokyo and its surrounding prefectures have sought further measures from the central government to help counter rising COVID-19 infections.

But airliners gave up early gains to end 0.62% lower.

Steel makers were the worst performers on the Nikkei, with Nippon Steel tanking 7.08%, JFE Holdings dropping 6.78% and Kobe Steel falling 6.8%.

Comments

Comments are closed.