TOKYO: Japan’s Nikkei share average fell to a one-week low on Tuesday, retreating after a strong rally that had driven the index to successive record highs, prompting investors to lock in profits.
The Nikkei dropped 3.6 percent to 69,788.38, hitting a one-week low and closing below the 70,000 mark for the first time since last Wednesday.
The broader Topix slipped 2.6 percent to 3,990.38.
The pullback follows a powerful rally driven by sustained buying in AI and semiconductor stocks, which pushed the Nikkei past 72,000 for the first time on Monday, just two sessions after it breached 71,000.
Market breadth remained weak, with 184 decliners in the Nikkei 225 against 41 advancers.
AI-related shares, which have powered the market’s recent surge, led losses ahead of Micron Technology’s earnings announcement. Memory chipmaker Kioxia slumped 15.1 percent while tech investment giant SoftBank Group sank 10.1 percent. Shares of cable and optical fibre maker Fujikura climbed 5.3 percent.
Comments