Japan's Nikkei ends lower as investors book profits and tech stocks slide

The Nikkei 225 fell 0.92% to close at 70,035 on Wednesday, ending a two-day winning streak as investors booked profits after the benchmark index climbed to a three-month high. Japanese equities also underperformed Wall Street, which continued to hit fresh records overnight.

Technology and AI-related stocks faced the most selling pressure, with Kioxia Holdings falling 4.5%, Advantest 1.3%, Fujikura 2.7%, Disco Corp 6.3% and Tokyo Electron 2.4%. Financial stocks also weakened, with Mitsubishi UFJ, Sumitomo Mitsui and Mizuho Financial declining 1.3%, 1.7% and 2.4%, respectively.

Oil prices rebounded as continued risks to energy supplies from the Middle East outweighed signs of improving regional output. The rise in oil prices kept inflation concerns elevated and added to the cautious mood in equities.

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