January 10, 2018 / 2:33 AM / 5 months ago

CORRECTED-Nikkei takes breather after sharp gains; Fast Retailing, Tokyo Electron fall

(Corrects Nikkei's 26-year high in 2nd paragraph)

TOKYO, Jan 10 (Reuters) - Japan's Nikkei share average took a breather on Wednesday after sharp gains, with some index-heavy stocks losing ground after the index hit a 26-year high.

The Nikkei fell 0.3 percent to 23,798.90, staying slightly below its 26-year high of 23,952.61.

Index-heavy stocks such as chip equipment maker Tokyo Electron tumbled 2.0 percent and clothing store operator Fast Retailing shed 0.8 percent, contributing 30 negative points together to the Nikkei index.

The broader Topix, however, was up 0.1 percent to 1,891.22.

Financial stocks, which invest in higher-yielding products such as foreign bonds, were higher, with the insurance sector rising 1.6 percent and the banking sector adding 1.5 percent.

Yields on the 10-year U.S. Treasury note reached a 10-month high on Tuesday, after the Bank of Japan said it will trim its purchases of Japanese government bonds and U.S. corporate debt.

Dai-ichi Life Holdings soared 2.5 percent, T&D Holdings added 1.4 percent, Mitsubishi UFJ Financial Group advanced 1.4 percent and Mizuho Financial Group gained 1.0 percent.

Editing by Sam Holmes

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