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Nikkei slides on tech, resource sell-off despite weaker yen
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Nikkei slides on tech, resource sell-off despite weaker yen
Mar 11, 2026 2:27 AM

(Recasts to reflect change in market direction, updates prices)

By Rocky Swift

TOKYO, Feb 2 (Reuters) - Japan's Nikkei share average

declined on Monday as a slump in technology and resource stocks

outweighed early gains driven by a ‌weaker yen.

The benchmark Nikkei 225 Index slipped 0.6% to

52,989.99. The broader Topix ​slid 0.3% to 3,554.78.

The Nikkei climbed 1.7% in early trading, ‍supported by a

decline in the yen that ⁠helped exporters and ⁠an election poll

suggesting a possible landslide victory for the party of

fiscally dovish ‌Prime Minister Sanae Takaichi.

The momentum, ​however, changed as artificial

intelligence-related shares extended declines, following a drop

by AI bellwether Nvidia on Friday on ⁠reports it was

reconsidering a $100 ‍billion investment ​in OpenAI.

Japanese resource shares fell along with a plunge in prices

for gold and silver. U.S. President Donald Trump's ‍pick of Kevin

Warsh as the next head of the Federal Reserve has sparked a

rebound in the dollar and a drop in precious metals on

expectations he will favour a smaller balance sheet.

"Regarding these massive investments and capital flows ​into

AI ‍infrastructure, there may be signs of a gradual shift towards

more realistic assessments," said Takahisa Odaka, a senior

strategist ​at Nomura Securities. "The market views (Warsh) as

hawkish, particularly regarding the risk that the Fed might

accelerate shifting its balance sheet from expansion to

contraction."

There were 123 advancers in the Nikkei index against 100

decliners. The largest losers were semiconductor inspection

equipment maker Lasertec ( LSRCF ), down 12%, followed by

Sumitomo ​Metal Mining Co Ltd, which sank 11.7%.

The largest percentage gainers were Hino Motors ( HINOF ), up

7.5%, followed by drugmaker Daiichi Sankyo Co Ltd ( DSKYF ),

which climbed 4.7%.

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