The Japanese Nikkei index fell on Tuesday as investors adjusted their portfolios and companies refrained from share buybacks at the end of the country’s fiscal half-year.

The Nikkei dropped 0.1 percent to 44,996.05 points. The broader Topix index declined 0.08 percent to 3,128.46.

Shuichi Arisawa, General Manager of Investment Research at Iwai Cosmo Securities, said, “Today’s decline does not mean market sentiment has weakened. This type of adjustment related to the end of the half-year may continue tomorrow.”

He added, “The market fell due to a lack of corporate share buybacks at the end of the fiscal half-year.”

Share buybacks reached record levels this year in Japan as domestic companies moved to boost investor returns amid corporate governance reforms, helping the Nikkei and Topix indices reach their peaks.