The Nikkei Average on the Tokyo Stock Exchange fell sharply, dropping to its lowest level in three months. Declines in semiconductor-related stocks and concerns over slower growth in the AI market weighed on the market.
The Nikkei Average ended down ¥1,713.40 from the previous day at ¥62,907.84 in Tokyo trading on the 22nd, marking its lowest level in about three months. The Tokyo Stock Price Index, or TOPIX, also fell 46.23 points to 3,997.50, while trading volume was 2.19167 billion shares.
The decline followed earnings from a major US semiconductor manufacturing equipment company that fell short of market expectations, prompting domestic related stocks to give up their gains as investors took profits. In addition, developments suggesting slower growth in the AI market weighed on investor sentiment.
Persistently high US crude oil futures prices amid uncertainty over the outlook for the situation in the Middle East, along with weakness across Asian markets, also weighed on prices. The decline widened over the course of the day's trading.