Japanese shares slide as tech selloff deepens

Japanese stocks fell sharply on Wednesday, extending losses for a second straight session. The Nikkei 225 dropped 3.16% to 65,326, while the broader Topix declined 3.09% to 4,012.

The decline was led by semiconductor and technology stocks, following heavy selling in AI-related chipmakers on Wall Street overnight. Rising global bond yields and higher oil prices also weighed on investor sentiment. Japan's 10-year government bond yield reached a 30-year high this week, adding to concerns about borrowing costs.

Companies linked to the global AI supply chain saw some of the biggest losses. Kioxia Holdings fell 12.6%, Furukawa Electric dropped 13.7%, and Fujikura declined 9.7%. Advantest and Tokyo Electron also fell 2.3% and 3.1%, respectively.

The weakness extended beyond technology stocks, with Mitsubishi UFJ falling 4.4% and Toyota Motor losing 2.7%.

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