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* Infineon in Germany hurts shares related to chips
* Shippers lose ground
By Ayai Tomisawa
TOKYO, March 28 (Reuters) – Japan's Nikkei lost ground on Thursday, as declining US bond yields fueled fears of a slowdown in the world's largest economy and a slowdown in growth. increasingly global, putting a brake on cyclical stocks such as exporters.
The average Nikkei shares closed down 1.6% to 21,033.76.
The benchmark 10-year Treasury yields tumbled Wednesday to their lowest levels at 15 months, leaving the yield curve reversed, a sign of a future US recession.
The New Zealand central bank on Wednesday stunned the markets with a clear shift to a dovish position, while the European Central Bank delayed the expected rate hike in the face of growing global growth risks.
The economic gloom has seen Germany sell its 10-year debt with a negative return for the first time since autumn 2016.
"Investors are increasingly reluctant to take risks and opt for defensive equities refuges cyclical stocks," said Nobuhiko Kuramochi, strategist at Mizuho Securities.
But he said that when the index falls below its psychologically important threshold of 21,000 lines, the sale tends to decline.
Exporters were sold, with the dollar slipping 0.4% to 110.09 yen.
Tokyo Electron slipped 1.7%, Subaru Corp 3.3% and Daikin 1.5%.
Renesas Electronics Corp. dropped 5.4% and Rohm Co stumbled 4.6% after German chip maker Infineon lowered its 2019 revenue forecast for Wednesday for the second time, which hurt US stock market overnight.
The Philadelphia SE Semiconductor index fell 1.5%.
Shippers, sensitive to global demand, languished. Mitsui OSK Lines fell by 3.5% and Kawasaki Kisen by 3.9%.
In addition, Gunma Bank recorded a decline of 8.2% after reducing its net profit outlook for the year ended March from 28.5 billion to 23.1 billion yen.
The broader Topix fell 1.7% to 1,582.85. Falling problems outnumbered problems by 1,878 to 229.
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