Japan's Nikkei Gives Up Gains Pressured by Chip Stocks

Japanese stocks erased gains at the close of trading on Thursday, May 9, as chip-related shares, including Tokyo Electron, fell.

At the close of trading, the Nikkei index fell by about 0.3% to 38,073 points after recording gains of about 0.5%, while the broader Topix index rose by 0.3% to 2,713 points.

Tokyo Electron, a Japanese chip-making equipment maker, fell about 3% and had the biggest impact on the Nikkei.

Shares of SoftBank Group, a technology investor that owns about 90 percent of Arm Holdings, also fell by about 3 percent.

Of the more than 1,600 companies listed on the Tokyo Stock Exchange's main market, 1,081 stocks advanced while 519 fell.

The summary of the Bank of Japan's monetary policy meeting in April showed a hawkish tone, with many calling for steady rate hikes.

The yield on the 10-year Japanese government bond rose to 0.91%, its highest level since April 26.