The Tokyo Stock Exchange continued to decline at the opening of the morning session on the 23rd, with the Nikkei trading in the upper ¥60,000s, down about ¥1,400. Selling was concentrated in AI-related stocks following a sharp drop in US tech stocks.
The Nikkei opened lower for a second consecutive session in the Tokyo stock market on the morning of the 23rd, down about ¥1,400 from the previous day. It at one point fell below ¥62,000 during the session, reaching a level not seen in about 3 months. Selling spread across AI and semiconductor-related stocks, with high-priced stocks including Advantest and Kioxia broadly recording declines.
In the US market, the tech-heavy Nasdaq Composite fell 2.6% from the previous day, while the SOX Index also dropped sharply, down 6.7%. Investor sentiment deteriorated after Meta Platforms reported that free cash flow had turned negative, and selling in semiconductor-related stocks spread to the Tokyo market.
In the crude oil market on the 23rd, front-month WTI traded in the mid-$99 range. As heightened geopolitical risks and higher oil prices weighed on investor sentiment, declines in the South Korean market also contributed to stronger risk aversion. The TOPIX continued to decline.
Among individual stocks, TDK, Ibiden and Fujikura fell. Fast Retailing and KDDI, meanwhile, rose.