Japan's Nikkei drops over 2% as yen jumps after joint intervention
EWJ•All Tokyo industry groups fall
All 33 of the Tokyo Stock Exchange's industry groupings fell, with precision instrument makers .IPRCS.T down the least with a 1.2% loss.
Transport equipment makers .ITEQP.T sank the most, losing 5%. Toyota 7203.T fell 5.3% and Suzuki 7269.T slid around 8%.
(Reporting by Kevin Buckland; Editing by Subhranshu Sahu)
Chip stocks and exporters weigh on the market
The Nikkei had jumped more than 4% on Friday and touched the highest level since July 24, powered by a rally in tech stocks after Microsoft's MSFT.O strong forecasts allayed fears about the industry's massive AI spending.
On Monday, however, many Japanese chip-linked heavyweights declined, with Tokyo Electron 8035.T down 2.3% and Advantest 6857.T slipping 1.3%.
AI-focused startup investor SoftBank Group reversed an early loss to rise 1.2%, and Lasertec 6920.T climbed more than 5%.
Memory chip maker Kioxia 285A.T soared about 10% after announcing a share buyback plan.
Nikkei falls as yen strengthens after coordinated intervention
TOKYO, Aug. 3 (Reuters) - Japan's Nikkei share average fell on Monday from a one-week high in the previous session, hurt by a rapid appreciation in the yen after Tokyo and Washington confirmed they had carried out a rare joint currency intervention late last week.
The Nikkei .N225 sank 2.2% to 62,956.48 by 0058 GMT, while the broader Topix .TOPX lost 2.8% to 3,893.17. Of the Nikkei's 225 components, 212 fell and only 13 rose.
The yen gained as much as 1.4% to a nearly three-month high of 155.20 per U.S. dollar, adding to a 3.8% surge over the previous two sessions. A stronger yen reduces the value of overseas revenue for Japan's many heavyweight exporters.
