Japanese Shares Track Wall Street Lower
Japanese shares fell, with the Nikkei 225 Index down 1.3% to around 50,220 and the Topix Index losing 0.5% to 3,297, following a tech-led selloff on Wall Street. Major US AI stocks, including Nvidia and Microsoft, declined, impacting Japan's SoftBank Group, which dropped 7.6%. Other notable losses included Advantest and Fujikura. Japan's household spending rose less than expected in September, contributing to the market's downturn. For the week, the Nikkei and Topix are set to lose approximately 4% and 1%, respectively.
The Nikkei 225 Index fell 1.3% to around 50,220 while the broader Topix Index lost 0.5% to 3,297 on Friday, erasing gains from the previous session and tracking a tech-led selloff on Wall Street overnight amid renewed concerns about lofty AI valuations and signs of a slowing US labor market.
Major US AI stocks slumped, including Nvidia, AMD, Palantir, Microsoft, and Broadcom.
In Japan, SoftBank Group (-7.6%) led the decline due to its heavy exposure to AI investments, followed by Advantest (-6.4%), Fujikura (-3.1%), and Disco Corp (-4.3%).
Industrial and consumer names also weakened, with notable losses from Mitsubishi Heavy Industries (-2.4%), IHI Corp (-4.1%), Ajinomoto (-2.5%), and Sanrio (-1.1%).
Meanwhile, data showed Japan’s household spending rose less than expected in September.
For the week, the Nikkei and Topix are on track to lose about 4% and 1%, respectively.
