Japan's Nikkei slumps sharply as tech selloff spreads
EWJ•Biggest decliners and gainers on the Nikkei
The largest losers were Furukawa Electric 5801.T, down 13.69%, followed by Kioxia Holdings 285A.T, 12.60% lower.
Pan Pacific International 7532.T, the operator of the Don Quixote retail chain, plunged 11.08% after it reported disappointing earnings after the bell on Tuesday, citing the weak yen and rising energy costs.
SoftBank Group 9984.T, a major investor in AI, retreated 6.47%.
The largest percentage gainers in the Nikkei were online retailer Mercari 4385.T, up 6.19%, followed by Shift 3697.T, which advanced 3.43%, and M3 2413.T, which gained 2.18%.
Nikkei falls as Wall Street tech selloff hits risk appetite
Japan's Nikkei share gauge slumped by the most in three weeks on Wednesday, tracking a sharp selloff in technology shares on Wall Street overnight.
The benchmark Nikkei 225 slid 3.16% to close at 65,326.42, the steepest drop since July 27. The broader Topix .TOPX slipped 3.09% to 4,012.31.
Major U.S. share indexes closed lower as dimming expectations for a Middle East peace deal damped risk appetite.
Oil prices rose while government bonds around the world fell, driving U.S. yields sharply higher. The Philadelphia SE Semiconductor Index .SOX, which tracks U.S. tech shares, plunged 5%.
"Amidst ongoing caution over crude oil prices remaining high and concerns that interest rates might rise, high-growth companies are being sold off," said Maki Sawada, an equities strategist at Nomura Securities. "A similar trend is being observed in the Japanese stock market."
There were 45 advancers on the Nikkei 225 against 179 decliners and one unchanged.
