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Japanese stocks close lower due to pressure from the technology sector
The Japanese stock market experienced a significant decline, with the Nikkei 225 index dropping by 2.80%, closing at 66,835 points. The decline was driven by pressure from the technology sector, especially electronics chip companies, which saw sharp crashes. Notably, the Kioxia stock fell by 15%, marking its largest decline since November. Experts attributed this drop to a sharp correction in high-value tech stocks due to short-term supply and demand factors, with no change in the underlying economic fundamentals. Additionally, the yield on the ten-year Japanese government bonds rose to 2.719%, while the yen weakened against the dollar by 0.1%.
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