Japan’s Nikkei posts sharpest fall in 12 weeks after 4-day rally

Japan’s Nikkei index fell 1.82% to close at 31,913.74, posting its sharpest daily drop since March 14. Concerns about a rally and sell-offs ahead of the fixing of special quotation prices added to the caution of investors. However, the index rose as much as 0.6% in early trade, tracking Wall Street higher overnight. Chip-related stocks led the declines while Sharp Corp jumped 3.20%. Of the Nikkei components, 26 stocks rose and 197 fell, while two were flat.