Japanese markets fall sharply

Japanese markets fell sharply as tech stocks succumbed to profit taking due to concerns over sky-high valuations.

The Nikkei average tumbled 1.77 percent to 50,376.53 while the broader Topix index settled 0.65 percent lower at 3,359.81.

Advantest, Tokyo Electron and SoftBank Group lost 6-7 percent. Among the top gainers, TOPPAN Holdings soared 14 percent and Tokyo Tatemono surged 10.4 percent.

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