TOKYO: Japanese shares snapped a three-session rally to end lower on Wednesday, as growing concerns about the impact of sanctions by Western nations against Russia for invading Ukraine, pushed investors away from riskier assets towards safe-haven bets.

The Nikkei share average fell 1.68% to 26,393.03, while the broader Topix slipped 1.96% to 1,859.94.

“Geopolitical risks remain as the main factor to move markets. After sanctions were imposed in Russia, investors fled from equities to buy debt,” said Shuji Hosoi, a senior strategist at Daiwa Securities.

Global sanctions against Russia have prompted a string of major companies to announce suspensions to or exits from their businesses in the country.

Exxon Mobil said it would exit Russian operations, including oil production fields, following similar decisions by British oil giants BP Plc and Shell, and Norway’s Equinor.

In Tokyo, technology heavyweights were the biggest drag on Nikkei, with chip-making equipment maker Tokyo Electron losing 1.99%, robot maker Fanuc falling 3.64% and air conditioner maker Daikin Industries losing 3.75%.

Insurers were one of the worst performers among the Tokyo Stock Exchange’s 33 industry subindexes, falling 4.08%, as U.S. Treasury yields dropped to eight-week lows overnight.

Yields on Japan’s 10-year bonds also fell to its lowest since Jan. 26.

T&D Holdings slid 6.31% and Dai-ichi Life Holdings lost 5.21%.

Oil explorers jumped 7.06% after oil shot back above $100 a barrel. Orix snapped small gains to inch down 0.26% after Nikkei Inc, the publisher of the stock average, said it will add the financial services firm to the benchmark from next month, replacing Shinsei Bank. Shinsei Bank fell 3.23%.