TOKYO, March 10 (Reuters) - Japanese shares were little changed on Wednesday, as gains in technology stocks tracking an overnight Wall Street rally offset a fiscal year-end sell off by domestic funds.
Nikkei rallied to a 30-year high last month on expectations of a swift economic rebound and robust corporate earnings. Fund houses are booking profits before the fiscal year ends this month.
"This is all about the move toward the fiscal year end," said Shoichi Arisawa, general manager for investment research department at IwaiCosmo Securities.
"Pension and other funds are trying to cut their stock holdings that increased during the rally. The sell-off will continue throughout the month and this will weigh on indexes."
Technology shares rose tracking an about 4% gain in tech-heavy Nasdaq in its biggest single-day rise since Nov. 4, as U.S. bond yields retreated. .N
Terumo rose 1.83% after the medical equipment maker said it has developed a new syringe that can get seven doses out of each vial of COVID-19 vaccine made by Pfizer Inc (NYSE: PFE ) PFE.N . and mining sectors fell the most among the 33 sector sub-indexes on Topix, with JFE Holdings 5411.T , Kobe Steel 5406.T and Nipon Steel 5401.T dropping 3.71%, 3.59% and 3.47%, respectively.
There were 89 advancers on Nikkei against 131 decliners.
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