Japan's Nikkei falls as Kioxia tanks, mitigated by gains in Tokyo Electron
EWJ•Japan's Nikkei fell 0.31% to 63,095.11 at Monday's midday break as Kioxia shares dropped 13.29% after its December-quarter outlook disappointed investors. Gains in Tokyo Electron and Panasonic, which rose 5.11% and 5.16%, respectively, limited the decline.
1. Nikkei slips at midday
The Nikkei fell 0.31% to 63,095.11 by the midday break, while the broader Topix lost 0.84% to 3,931.61. Kioxia was the biggest drag on the Nikkei after its outlook for the quarter through December disappointed investors.
2. Gains limit losses
Tokyo Electron rose 5.11% after forecasting a 50% rise in annual group net profit, beating analysts' expectations. Panasonic Holdings advanced 5.16% after raising its full-year operating profit forecast by 20% to 710 billion yen, helped in part by stronger-than-expected AI-related demand. Of more than 1,500 stocks on the Tokyo Stock Exchange's prime market, 68% fell and 28% rose.
