TOKYO: Japan’s Nikkei share average fell on Wednesday, as chip-related stocks tracked an overnight drop in US peers, with Tokyo Electron slumping 9%.
The Nikkei was down 1.7% at 39,233.45, as of 0021 GMT, and is set to snap a four-day winning streak.
The index rose to a three-month high in the previous session.
The broader Topix was down 0.47% at 2,710.74, Wall Street’s major stock indexes closed lower on Tuesday, with a 1% drop in technology-heavy Nasdaq as chip stocks tumbled on demand concerns.
Meanwhile, the energy sector fell 3% as global oil prices dropped due to a weaker demand outlook.
US semiconductor stocks slumped after chip equipment maker ASML cut its annual sales forecast over weak non-AI chip demand and as a report said the Biden administration was considering capping sales of advanced artificial intelligence processors to some countries.
Nikkei hits multi-month peak on Wall Street boost
Chip-making equipment maker Tokyo Electron fell nearly 10% to track a 5.3% overnight drop in Philadelphia SE Semiconductor index.
Chip-testing equipment maker Advantest lost 2.58% and technology investor SoftBank Group fell 3.26%.
Source: Brecorder
