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TOKYO: Japan’s Nikkei share average fell more than 1% on Tuesday as heavyweight chip-related stocks tracked an overnight drop in the tech-heavy Nasdaq index in the US but gains in bank shares helped the Topix trim early losses.

The Nikkei slipped 1.39% to close at 39,016.87.

The broader Topix inched down 0.04% at 2,756.9, recouping most of its 0.8% loss earlier in the session.

The Nasdaq index posted its biggest one-day drop since Dec. 18 overnight as a low-cost Chinese artificial intelligence model prompted a steep sell-off in US chipmakers, led by AI leader Nvidia.

US semiconductor chip index dropped 9.2% in its biggest single-day fall since March 2020.

“Unless this trend of a sell-off of chip shares ends in Wall Street, Japanese market will continue to see this market move,” said Yusuke Sakai, a senior trader at T&D Asset Management.

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