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Japan Stocks Tumble on Tech Worries
15 Dec
Summary
- Nikkei average dropped 1.31 percent to 50,168.11.
- Advantest, SoftBank Group, and Tokyo Electron saw significant declines.
- Banks rose on positive economic survey and expected rate hikes.
Japan's financial markets experienced a notable decline as technology stocks followed their U.S. counterparts lower. Concerns regarding stretched valuations in the tech sector contributed to a significant drop in the Nikkei average, which fell 1.31 percent to close at 50,168.11.
Several prominent technology firms registered substantial losses. Advantest plunged by 6.4 percent, SoftBank Group saw a 6 percent decrease, and Tokyo Electron declined by 1.1 percent. This tech-driven sell-off weighed heavily on the overall market sentiment.
Conversely, the banking sector showed resilience and growth. Mitsubishi UFJ Financial and Sumitomo Mitsui Financial both advanced by over 2 percent. This positive performance was underpinned by an upbeat Tankan survey, reinforcing expectations that the Bank of Japan will implement an interest rate hike this Friday.

