On 6 November, the Nikkei Average fell below ¥60,000, closing at ¥57,434.77, down ¥3,643.13 from the previous day. The decline was the third-largest on record, as selling of AI-related stocks spread against the backdrop of the US midterm elections, affecting the Japanese market as well.
In the Tokyo stock market on 6 November, the Nikkei Average plunged, closing at ¥57,434.77, down ¥3,643.13 from the previous day and falling below ¥60,000 for the first time in approximately five and a half months. The decline was the third-largest on record, while TOPIX fell 232.40 points to 3,707.99.
Following the Democratic Party's lead in the US midterm elections, concerns grew that tighter AI regulation would slow investment, and heavy selling centred on AI-related stocks in the previous day's US market led to a broad-based decline in Tokyo.
Commenting on the sharp fall in share prices, Motoda Nao (元田那央), deputy general manager at Tochigin TT Securities, said that changes in optimism about data-center construction and falls in US equities had affected the Japanese market. Motoda said the outlook for AI's contribution to economic expansion itself had not changed significantly.