Tokyo, Nov. 7 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average briefly fell more than 1,100 points on Friday morning, dragged down by selling of shares related to semiconductors and artificial intelligence, following overnight falls in U.S. equities. At 10:36 a.m., the Nikkei stood at 49,770.55, down 1,113.13 points, or 2.19 pct, from Thursday. Major U.S. stock indexes dropped Thursday on growing concerns about the employment situation following the release of jobs data. The Tokyo market came under risk-averse selling from the outset. Large-cap issues, including technology investor SoftBank Group and chipmaking equipment manufacturer Advantest, faced heavy selling. The Nikkei average had risen sharply in a short period to top 50,000, leaving stocks vulnerable to selling on fears of overvaluation, market sources said. An official at a major securities company attributed Friday’s plunge to a “speed adjustment,” saying that growth expectations for AI and other high-tech companies remain intact. END [Copyright The Jiji Press, Ltd.]
Nikkei Average Briefly Loses over 1,100 Points in Morning
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