Tokyo: Nikkei closes down for third straight session

[TOKYO] Tokyo's benchmark Nikkei index closed down for a third consecutive session on Monday as interest rate fears erased early gains.

The Nikkei 225 lost 0.42 per cent, or 121.07 points, to 28,743.25 while the broader Topix index was down 0.14 per cent, or 2.60 points, at 1,893.58.

Stocks had opened higher in Tokyo after US government data on Friday showed the world's top economy added a better-than-expected 379,000 jobs in February - helping push major Wall Street indices to a positive finish.

But the Nikkei fell into negative territory before the closing bell "as concerns over higher interest rates in the US continued weighing on the market", said Yoshihiro Okumura of Chibagin Asset Management.

"Today's decline was largely seen as part of the market's adjustment following the recent surge," Mr Okumura told AFP, predicting the Nikkei would be range-bound at current levels for now.

Tech and gaming giants were among losers. Sony dropped 1.73 per cent to 11,020 yen with Nintendo down 3.69 per cent at 59,740 yen.

Chip-making equipment manufacturer Tokyo Electron fell 1.13 per cent to 41,010 yen.

Takeda jumped 3.91 per cent to 3,905 yen after it filed a request with Japanese health authorities for approval of Moderna's coronavirus vaccine.

The US dollar fetched 108.42 yen in Asian afternoon trade, against 108.36 yen in New York late Friday.

AFP