The Japanese equity market fell in February, with the TOPIX (w/dividends) dropping 3.70% on-month and the Nikkei 225 (w/dividends) tumbling 4.41%. While certain stocks posted gains early in the month on positive earnings results, the market underwent a broad-based decline through to midmonth after US stocks fell on fears that strong US economic indicators could spur a sharp rise in long-term interest rates.