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Tokyo stocks plunge as AI-linked shares trigger heavy selling
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Tokyo shares sank on Monday (8 June), with artificial intelligence-related stocks leading a broad sell-off after US technology shares declined late last week. The benchmark Nikkei 225 at one point dropped by more than 3,100 points.
Key facts
- The Nikkei index, made up of 225 selected issues on the Prime section of the Tokyo Stock Exchange, closed at 64,024.60, falling 2,563.52 points, or 3.84 per cent, from Friday’s finish.
- The weakness followed losses in major US stock indexes on Friday, when stronger-than-expected jobs data fuelled expectations that the US Federal Reserve could raise interest rates.
- In Tokyo, semiconductor and AI-related names, including Tokyo Electron and SoftBank Group, came under pressure as investors moved to secure profits after recent sharp gains driven by demand for data centres.
- Market sentiment was also weighed down by continuing exchanges of attacks between Iran and Israel in the Middle East, which increased uncertainty over the future of a ceasefire agreement between the United States and Iran
Summary
The Nikkei index, made up of 225 selected issues on the Prime section of the Tokyo Stock Exchange, closed at 64,024.60, falling 2,563.52 points, or 3.84 per cent, from Friday’s finish.
The weakness followed losses in major US stock indexes on Friday, when stronger-than-expected jobs data fuelled expectations that the US Federal Reserve could raise interest rates.