TOKYO -- The market's performance today confirmed that Japanese equity investors had three things on their minds: Sell, sell and sell. And tech shares continued to see the brunt of that selling, which some say is due to profit-taking before the March 31 fiscal year-end, while others note the action is an overdue price correction.

On top of that, a top government official's public proclamation that Japan's October-December

gross domestic product

, to be released March 13, will be "rather bad," didn't help matters at all.

The key

Nikkei 225

index fell 131.19 to 19,796.34, while the

Topix

index, which includes shares listed on the

Tokyo Stock Exchange's

first section, lost 36.66, or 2.2%, to 1649.83. The

Jasdaq

small-cap index tumbled 5.93, or 5.0%, to 111.96, while the Nikkei

over-the-counter

shares shed 132.97, or 5.3%, to 2383.92.

Softbank

shed 22,000 yen, or 15.8%, to 117,000. Its subsidiary

Yahoo! Japan

slipped 7 million, or 4.8%, to 140 million, while

Trend Micro

lost 2,000, or 8.3%, to 22,000.

NEC

(NIPNY)

shed 65, or 2.4%, to 2625, while

Hitachi

(HIT)

bucked the trend to climb 15, or 1.2%, to 1401.

Shares of

Sony

(SNE) - Get Report

got hit pretty badly, even though its new PlayStation2 game console, which hit the shelves Saturday, sold out in a matter of minutes. Local reports said an average of 2,000 fans queued up by midnight Friday at the major game outlets in parts of downtown Tokyo. Traders said expectations for brisk sales had been priced into Sony shares for months, and a little correction was long overdue. After hitting a high of 31,400, Sony closed down 1450, or 4.7%, at 29,550.

Toyota Motor

TheStreet Recommends

(TM) - Get Report

fell 10 to 4340 after the

Nihon Keizai Shimbun

reported that the automaker would buy a 5% stake in

Yamaha Motor

for 10 billion yen ($93.4 billion). Yamaha gained 75, or 9.1%, to 900.

Besides the tech selloff, weekend comments from an

Economic Planning Agency

official about disappointing economic growth has hurt sentiment, traders said. EPA Administrative Vice Minister Takashi Nakanomyo said October-December GDP will be "rather bad" because household spending, which makes up the largest portion of GDP, declined 2.2% in the period.

Foreign-exchange dealers said the GDP comments didn't hurt the yen, which lately traded around 107.50 to the greenback. EPA head Taichi Sakaiya tried to offset the market's concern by saying he expects positive GDP growth for the January-March quarter.

Hong Kong's

Hang Seng

index climbed 473.54 to 17,758.76. The hot stock of the day was

Legend

(LGHLY)

, up HK$12.30, or 24.8%, to 62.00. The company signed up last week for a joint venture with

Pacific Century CyberWorks

, which was up 1.15, or 5.3%, to 23.05, but investors were also speculating that Legend will eventually make its way into

Morgan Stanley Capital International's China Free

index and the Hang Seng. Many fund managers like to look at the MSCI indices to gauge the international investments in their portfolio.

China Telecom

(CHL) - Get Report

climbed 3.25, or 4.3%, to 79.25, and

Cable & Wireless HKT

(HKT)

rose 1.30, or 5.5%, to 25.00.

With the continuing threat of a potential military showdown between Beijing and Taipei, China's

Shanghai Composite

index was down 56.936, or 3.3%, to 1681.085, while Taiwan's

TWSE

index shed 150.06, or 1.6%, to 9367.91. Korea's

Kospi

index climbed 14.50, or 1.6%, to 909.33.