The Nikkei 225 fell sharply at the Tokyo market open, while Kioxia continued to probe for a bottom amid weakness in US semiconductor stocks. Furuno Electric raised its full-year earnings and dividend forecasts after sales in its marine business exceeded expectations.
Selling prevailed from the opening of the Tokyo stock market on the 13th, with the Nikkei 225 falling sharply by 466 points from the previous day to 68,564. Semiconductor-related stocks were sold in tandem with the decline in the Nasdaq Composite, spreading the impact to the domestic market. The market also saw periods of futures-led probing for lower levels, while attention is focused on trading after the initial wave of selling subsides.
Kioxia Holdings was indicated lower in the top news, probing for a bottom amid the broader weakness in US semiconductor stocks. Reports of progress by China’s CXMT in designing next-generation DRAM were also seen as a factor, triggering broader selling in related stocks.
Furuno Electric reportedly saw sales in its marine business exceed expectations, prompting it to raise its full-year earnings forecast and increase its dividend forecast. The strength of its core marine business was cited as a factor supporting earnings. Index-related stocks also moved at times against the backdrop of rising crude oil prices, while activity in individual stocks intensified.