February 28, 2018 / 2:21 AM / a year ago

Nikkei snaps 3-day rising streak; BOJ's move to cut bond buying hits mood

TOKYO, Feb 28 (Reuters) - Japan’s Nikkei share average dropped on Wednesday, snapping a three-day winning streak after U.S. shares weakened overnight, while the central bank’s decision to trim bond buying worsened sentiment.

Index-heavyweight stocks were sold, with Fast Retailing falling 1.5 percent, SoftBank Corp shedding 1.7 percent and Fanuc Corp sliding 1.0 percent.

The Nikkei opened 0.4 percent lower, then widened its decline after the Bank of Japan trimmed the amount of super long Japanese government bonds it offered to purchase at its regular debt-buying operation, which lifted the yen slightly.

By mid-morning trade, the Nikkei slipped 0.7 percent to 22,244.16. The dollar fell 0.2 percent to 107.09 yen, sliding from 107.43 yen earlier in the day.

Exporters were also battered, with Honda Motor falling 1.4 percent and TDK Corp dropping 1.1 percent.

As oil prices extended declines into a second day, the mining sector was hit. Inpex Corp tumbled 3.5 percent and Japan Petroleum Exploration Co slumped 4.0 percent.

The broader Topix dropped 0.3 percent to 1,784.81. (Editing by Jacqueline Wong)

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