Japan’s Nikkei gives up early gains and closes lower

Japan’s Nikkei index gave up early gains to close lower as investors sold shares of fast-growing companies after the 10-year government bond yield hit its highest levels in more than 12 years.

The Nikkei fell 0.77%, closing at 38,556.87 points, after rising by 0.7% after a strong performance in US chip-related stocks, led by NVIDIA artificial intelligence shares, according to Reuters.

The broader Topix index also ended today’s transactions down approximately 1% at 2,741.62 points. While the index of fast-growing companies on Topix lost 1.1%, while the index of value stocks fell 0.8%.

Chipmaking equipment Tokyo Electron shares lost early gains, closing down 0.3%. Tokyo Electric Power shares fell 8.3%, becoming the biggest percentage loser on the Nikkei index.