The Nikkei Stock Average fell more than ¥1,200 at one point during morning trading on the 14th, as selling in AI-related stocks and developments in the Middle East weighed on the market. The morning session closed sharply lower than the previous Friday, with the index falling below ¥63,000 at one point.
The Nikkei Average continued to fall in Tokyo trading on the morning of the 14th, temporarily declining by more than ¥1,200. The market turmoil was accompanied by selling in AI-related stocks, with reports that OpenAI would not pursue an IPO this year and concerns about a slowdown in AI development cited as the backdrop.
Reports that OpenAI had indicated it would forgo an IPO this year were cited as a factor cooling investor sentiment, prompting selling to spread across AI-related stocks.
Meanwhile, US crude oil futures have remained elevated as tensions escalate in the Middle East. There was speculation that higher corporate costs and uncertainty over the outlook for demand were weighing on a broad range of stocks.
Although short-term investors bought Nikkei futures on dips at times as the morning session drew to a close, the session ended about ¥512 lower than the previous Friday at ¥63,498.61.