Japanese markets fell sharply, with tech stocks coming under pressure after chipmaker Nvidia said the U.S. put new restrictions on some chip exports to China.

The Nikkei average dropped 1.01 percent to 33,920.40 while the broader Topix index settled 0.61 percent lower at 2,498.03. Advantest slumped percent, Tokyo Electron gave up 1.5 percent and SoftBank lost 2.5 percent.

Japan's core machinery orders rebounded at a faster-than-expected pace in February, data from the Cabinet Office showed on Wednesday. Core machinery orders increased 4.3 percent from the previous month. Core orders were down 3.5 percent in January and fell 0.8 percent in December.

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