April 23, 2018 / 2:03 AM / 3 months ago

Nikkei edges lower as index-heavy stocks weaken; financials gain on U.S. yields

TOKYO, April 23 (Reuters) - Japan’s Nikkei share average edged lower on Monday morning after index-heavy stocks such as SoftBank and Terumo lost ground, offsetting gains in financial stocks, which rallied after U.S. yields rose.

The Nikkei fell 0.2 percent to 22,114.03 in midmorning trade.

Medical equipment maker Terumo Corp stumbled 3.4 percent and SoftBank shed 1.0 percent, collectively knocking 25 points off the Nikkei.

Apple-suppliers were sold after Morgan Stanley forecast weak demand for the tech giant’s latest iPhones, a day after Taiwan Semiconductor raised fears of softer smartphone sales.

Murata Manufacturing and TDK Corp both dropped 1.3 percent.

Financial stocks, which invest in foreign bonds, outperformed following a rise in U.S. yields with insurers T&D Holdings up 6 percent, Dai-ichi Life surging 4.3 percent and Mitsubishi UFJ Financial Group 2.1 percent higher.

The broader Topix rose 0.1 percent to 1,753.44.

Reporting by Ayai Tomisawa; Editing by Sam Holmes

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