Japan’s Nikkei closes down 6% as chip shares fall
Kioxia and Tokyo Electron suffered large share-price falls as a technology selloff that began in the US reached Japan.
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Kioxia and Tokyo Electron suffered large share-price falls as a technology selloff that began in the US reached Japan.
Japan’s Nikkei share index closed down 6% on 6 November, with chip-related shares Kioxia and Tokyo Electron among the big decliners. The fall followed a selloff in US technology shares.
The Nikkei also lost 9.3% over the week, its worst weekly decline since March 2020.
Dan Coatsworth, head of markets at AJ Bell, told BBC that investors were worried about heavy spending on superintelligence (SI) without knowing when, or whether, it would pay off.
Coatsworth said the US midterm election result added uncertainty: Democrats have more influence and could slow the rollout of data centers and consider new ways to regulate the sector.
European markets also opened lower on 6 November.
The market-wide suspension lasted 20 minutes after the index reached 4,923 during trading on 6 November, following a US technology-stock sell-off.
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The year-on-year result accompanies a reported expansion in HBM4 memory production, without specifying how much that expansion contributed to growth.
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The $80.04 billion result for July–September was nearly nine times the profit a year earlier and matched the chipmaker’s preliminary estimate.
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