TOKYO, March 30 (Reuters) - Japanese shares fell on Tuesday, dragged down by stocks that went ex-dividend and financial shares, although the losses were capped by investor appetite for scooping up discounted stocks.
"The market fell due to the sell-off of shares that traded ex-dividend," said Chihiro Ohta at the investment research and services for SMBC Nikko Securities.
"But strong demand from cash rich investors who wanted to rotate their investment targets limited the declines."
The banking and securities sectors retreated amid fears that global banks could lose more than $6 billion from the downfall of Archegos Capital. UFJ Financial Group 8306.T fell 1.92%, Sumitomo Mitsui Financial Group 8316.T lost 2.3% and Mizuho Financial Group 8411.T slipped 2.57%.
Nomura Holdings 8604.T , which plunged 16% on Monday after it flagged $2 billion in losses at a U.S. subsidiary, lost 2.74%.
Renesas Electronics 6723.T lost 2.73% after the chip maker said damage from a fire at its chip-making plant in northeast Japan was more extensive than first thought. airline industry gained the most among the 33 sector sub-indexes on the Tokyo exchange, with ANA Holdings 9202.T jumping 3.33% and Japan Airlines 9201.T rising 2.53%.
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