By Reuters Staff
2 Min Read
TOKYO, Feb 26 (Reuters) - Japanese shares dropped on Friday, with the Nikkei on course to log its biggest fall since July, after a spike in global bond yields spooked investors already uneasy about the market’s stretched valuation.
Nikkei average fell 2.54% to 29,400.80, hitting its lowest level in almost three weeks. If sustained, it will be the biggest daily drop since July 31, when it fell 2.82%.
For now, the Nikkei managed to find a support at its 25-day moving average of around 29,200.
The broader Topix lost 1.98% to 1,888.02
Except one, mining shares, all of the Tokyo Stock Exchange’s 33 industry subindexes were in the red, with electronic machinery makers, pharmaceuticals and real estate companies also falling more than 2%.