Tokyo stocks mixed on AI losses, fund rotation lending support
TOKYO (Kyodo) -- Tokyo stocks ended mixed Monday, as lingering concerns over artificial intelligence-related shares weighed on sentiment, although fun
Tokyo stocks closed mixed on Monday, with AI-related shares dragging sentiment, despite fund rotation into other sectors keeping most areas steady. The 225-share Nikkei Stock Average fell 503.51 points, or 0.80 percent, to 62,189.65, while the broader Topix index gained 7.17 points, or 0.18 percent, to 3,972.98. On the Prime Market, mining and oil and coal product shares led the rise, while nonferrous metal and electric appliance stocks declined.
The U.S. dollar hovered near the 157 yen mark in Tokyo, as traders awaited new signals. Concerns about the profitability and longevity of massive AI investments impacted several AI and semiconductor-linked shares. However, most sectors experienced gains, thanks to stronger earnings growth among Japanese firms. Certain sectors that typically profit from higher oil prices, such as oil shares and general trading companies, were among the top gainers.
Equity strategist Toshikazu Horiuchi of IwaiCosmo Securities Co. noted that the market's underlying sentiment remained solid, as investors rotated funds within the stock market. Traders were waiting for cues from policy meetings by the U.S. Federal Reserve, the European Central Bank, and the Bank of Japan, as well as earnings reports from major AI-related firms in the U.S. and Japan.
Written by urgent.news from The Mainichi's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
