The Nikkei Average fell sharply for a second straight session at the Tokyo market open. It started ¥504 lower at ¥64,819, while developments in AI investment supported the market. Meanwhile, Bitcoin J surged, and moves toward an exclusive distribution agreement with the UBTECH Group were reported.
Selling pressure dominated from the opening of today's Tokyo stock market, with the Nikkei Average starting trading ¥504 lower at ¥64,819. European stocks had risen across the board the previous day, but following the performance of U.S. stocks, declines spread, particularly among technology stocks, and losses in AI infrastructure-related stocks weighed on the market. Risk-off sentiment toward the semiconductor sector also intensified.
Some stocks, including pharmaceuticals and food companies, rose at times, but the prevailing view was that the market could remain in a phase of sharp declines overall. Some pointed to falling share prices at related companies, including those involved in high-performance GPU servers, as driving the broader market decline.
Reports that Bitcoin J had surged were cited as a market catalyst, drawing attention to cryptocurrency-related developments. It was also reported that an exclusive distribution agreement for specific products with Hong Kong's UBTECH Group is expected to be signed.