22.03.201703:53:00UTC+00Nikkei Skids to Three-Week Lows as the Yen Firms

Japan's Nikkei share average index ended down 2.1% at 19, 041.38, falling to levels not seen since February 27 as Japanese markets took cues from the sell-off on Wall Street. The strengthening of the safe-haven yen also weighed down the benchmark index.

The Broader Topix edged down 2.1% to 1, 530.20 as the JPX-Nikkei Index 400 closed down 2.2 percent at 13, 679.58.

The U.S. dollar weakened and was exchanging hands under the 112-yen level after Wall Street retreated on Tuesday. The weakness in U.S. equities were due to rising concerns of investors that President Donald Trump may not be able to deliver his pledges of tax cuts that fueled a rally in U.S. stocks in the aftermath of the election.

Banking shares were particularly hit hard by the market downturn, with the Tokyo Stock Exchange's bank sub index falling 3.2% and the securities sub index falling 3.8%.

Markets widely dismissed Japanese economic data released earlier in the session, which showed exports in February rising 11.3 % year-on-year due to a jump in car parts and electronic parts shipments to Asia.

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