Japanese Stocks Fall on AI Profit-Taking

Tokyo, July 13 (Jiji Press)–Japanese stocks fell in Tokyo trading on Monday due to selling of artificial intelligence-related issues, sending the benchmark Nikkei 225 index falling 1.91 pct. The Nikkei index fell 1,315.00 points to end at 67,242.73. AI-related stocks came under pressure from sales to take profits and on a rally. Memory chipmaker Kioxia Holdings plummeted 12.85 pct, while electronic parts maker Taiyo Yuden gave up 19.21 pct. Stocks fell “due to profit-taking of AI- and chip-linked names following a drop in Yaskawa Electric, which released its earnings on Friday,” an official at a Japanese securities firm said. Yaskawa Electric finished down 14.34 pct. AI-related issues also attracted selling on the South Korean market, where a slide in its benchmark KOSPI index triggered a so-called circuit breaker mechanism to halt trading. “The Tokyo and South Korean markets moved in tandem,” the Japanese securities firm official said. “Last week’s rally was merely a rebound, and the global sell-off in technology shares doesn’t seem to be over yet,” an official at a midsize securities firm said. END [Copyright The Jiji Press, Ltd.]