Japanese Shares Lead Asia Sell-Off as Tech Stocks Weigh; CUC Sumps 19% Despite Upbeat Earnings

Japan's benchmark index experienced a sharp decline on Thursday, dragging down other Asia-Pacific markets in a broad sell-off weighed down by technology stocks.

The Nikkei 225 retreated by 2.2%, or 831.60 points, to end at 37,628.48.

The primary driver of the sell-off was weakness in the technology sector, with chipmaking equipment maker Tokyo Electron 8035 losing nearly 4%, and chip testing equipment manufacturer Advantest 6857 tumbling by about 2%.

In economic news, Japan's final coincident index registered at 111.6 points in February, an upward revision from the preliminary reading of 110.9, while the final leading economic index was unchanged from the initial reading of 111.8, the Cabinet Office reported.

Investors will keep their eyes peeled for the outcome of the Bank of Japan's two-day monetary policy meeting.

In corporate news, CUC's 99158 shares slumped by nearly 19% even after the company posted a 7.1% jump in net income attributable to owners for the fiscal year ended March 31 despite a 6.2% drop in revenue.