The Nikkei average plunged in Tokyo trading on the 11th, standing at ¥63,626.77 as of 10 a.m., down ¥1,644.18 from the previous day. Semiconductor stocks pushed the index sharply lower, with declines spreading across almost the entire market.
The Nikkei average plunged in Tokyo trading on the 11th, as decliners on the TSE Prime Market outnumbered advancers by 1,216 to 285, creating a broadly weaker market. The Nikkei average was trading down ¥1,644.18 from the previous day.
The decline was led by major semiconductor-related stocks. Advantest, which made the largest negative contribution to the Nikkei average, dragged the index down by ¥509.27, with its shares sold down ¥2,250 to ¥31,670 as of 10 a.m. SoftBank Group, Tokyo Electron, Kioxia Holdings and Fast Retailing also contributed to the downward pressure on the Nikkei average.
Among advancing stocks, Bandai Namco Holdings lifted the Nikkei average by ¥12.67, followed by Konami Group, Toyota Tsusho, Kyocera and KDDI, although the gains they contributed were limited. By sector, mining rose, while nonferrous metals and electric appliances were among the biggest decliners.
The backdrop includes a deterioration in the situation in the Middle East and investors' risk-averse stance ahead of the release of U.S. inflation data. Declines in semiconductor-related stocks are weighing on the index as a whole. Market attention is focused on the upcoming U.S. inflation data and the outlook for the Federal Reserve's monetary policy.