TOKYO: Japanese shares ended lower on Monday, dragged down by sharp losses in Yaskawa Electric after the industry bellwether’s earnings outlook failed to meet the market’s expectations, prompting a sell-off in other tech stocks.

Nikkei average fell 0.77% to close at 29,538.73. It has been in a holding pattern after hitting a 30-and-a-half-year high in mid-February, with a break of either its March 18 high of 30,485 or March 24 low of 28,379, seen as needed for a new trend to emerge.

The broader Topix ended 0.25% lower at 1,954.59.

Shares of robot maker Yaskawa Electric, a leading indicator on Japanese manufacturers’ earnings trends, lost 7.11% after its February quarter earnings fell short of investor expectations.

The company expects 54.5% jump in its operating profit to 42 billion yen ($383.67 million) in the current financial year, nearly meeting analysts’ forecast of 43 billion yen.

Other technology firms also fell, with Nitto Denko, Shin-Etsu Chemical and Fanuc dropping between 3.7% and 1.76%.

Supermarket operator Aeon also lost 4.08%, after subdued quarterly earnings.

More retailers will release their earnings this week while the country’s top companies will start later this month.—Reuters