The Nikkei Stock Average fell sharply at the start of the week, with the decline exceeding ¥1,200 at one point. The factors behind the market jitters were reportedly a rise in oil prices amid concerns over the situation in the Middle East, as well as selling concentrated in AI-related stocks.
The Nikkei Stock Average fell at the start of the week, with the decline exceeding ¥1,200 at one point. The index fell below the previous day's closing level and dipped below ¥63,000 at one point.
Against this backdrop, reports said that crude oil futures prices were rising amid concerns over the situation in the Middle East. Reports also said that the U.S. AI company OpenAI intended to forgo a stock market listing this year, prompting selling centered on AI- and semiconductor-related stocks.
In this move, the index fell below the ¥63,000 milestone for the first time in roughly a month and a half, since 4 August, and at one point the decline exceeded ¥1,200.
Market participants say the Nikkei Stock Average remains volatile and that trading is likely to continue with attention focused on ¥60,448, the 29 July low for closing prices since the index reached ¥70,000.