Tokyo, Oct. 22 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average gave up over 1,700 points on Thursday, closing below 63,000 for the first time since July 30 amid selling of artificial intelligence-related issues. The index of 225 major issues listed on the Tokyo Stock Exchange’s Prime section finished at 62,907.84, down 1,713.40 points, or 2.65 pct, from Wednesday. Advantest and other AI-related stocks met with heavy selling as U.S. semiconductor equipment manufacturer Lam Research slumped in after-hours trading after reporting a sales estimate that failed to impress investors. “While AI-related companies have not fared badly, market participants appear to be unwinding their bloated long positions,” said an official of a major securities firm. With many Japanese companies set to release their July-September earnings reports from next week, another brokerage official said, “Many investors are sitting on the sidelines, meaning that the market is susceptible to profit-taking.” END [Copyright The Jiji Press, Ltd.]
