Japan's Nikkei index fell 2.2% to 48,720.59 in morning trading, following a sharp decline on Wall Street overnight. Negative sentiment was still fueled by renewed concerns about a potential "bubble" in AI-based stocks, prompting investors to reduce exposure to riskier assets.
The technology and banking sectors were the main drags on the index. Panasonic shares fell around 1.2%, while Mizuho Financial fell 0.8% and Mitsubishi UFJ Financial slipped 1.5%. Several consumer stocks also suffered, with Fast Retailing down 0.4%.
In the foreign exchange market, currency movements were relatively calm. The USD/JPY pair was recorded as moving flat at around 157.42, indicating there has been no major reaction from the yen market to the correction in the Japanese stock market. (asd)
Source: Bloomberg
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