Tokyo stocks tumble in morning on AI losses amid investment concerns
TOKYO (Kyodo) -- Tokyo stocks tumbled further Friday morning, with the Nikkei stock index briefly falling more than 2 percent, amid lingering concern
Tokyo stocks plunged early Friday, with the Nikkei index falling over 2% due to lingering doubts about AI and semiconductor-related investments. The 225-share Nikkei Stock Average dropped 1,082.58 points, or 1.72%, to 61,825.26 points. The broader Topix index declined 72.80 points, or 1.82%, to 3,924.70 points. The U.S. dollar briefly weakened against the yen, dropping to the 156 yen range in Tokyo after a sell-off of AI-related stocks on Wall Street.
The euro and yen continued their exchange rate trends, with the dollar trading at 157.02-04 yen in Tokyo and 157.22-24 yen in New York. AI and chip-related stocks remained under pressure as investors questioned the profitability and sustainability of large-scale AI investments, pushing the Nikkei below the 62,000 mark for the first time since late July.
Market activity was subdued ahead of major events, such as the U.S. Federal Reserve and Bank of Japan policy meetings, and the U.S. midterm elections set for November 3rd.
Written by urgent.news from The Mainichi's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
