The Nikkei fell ¥1,259.61 from the previous day to ¥64,011.34 in Tokyo trading on the 11th, recording a decline of more than ¥2,000 in the morning. Turmoil in the Middle East and higher oil prices drove up long-term interest rates, prompting widespread selling centered on AI and semiconductor-related stocks.
The Nikkei Stock Average fell sharply in Tokyo trading on the 11th, closing ¥1,259.61 lower than the previous day at ¥64,011.34. It fell by more than ¥2,000 at one point during the session, marking the Nikkei’s sharpest decline in two sessions.
By the close of the morning session, the Nikkei had fallen ¥1,801.56 to ¥63,469.39, before narrowing its losses slightly in the afternoon.
Oil futures rose amid expectations that turmoil in the Middle East would persist, heightening concerns about global inflation and bringing downside risks to economic growth and corporate earnings into focus. Selling spread mainly across AI and semiconductor-related stocks, which have a significant impact on the Nikkei.
The Tokyo Stock Price Index (TOPIX) ended trading at 4,028.30, down 26.28 points, for a 0.65% decline. The morning’s losses weighed on the market, strengthening risk aversion overall.