Japan's Nikkei slumps over 3% on tech selloff, Iran tensions
Japan's Nikkei slumps over 3% on tech selloff, Iran tensions By Rocky Swift
TOKYO, July 17 (Reuters) - Japan's Nikkei share gauge tumbled more than 3% on Friday as a global rout in chipmakers and an escalation in Middle East tensions prompted investors to shun risk assets.
The benchmark Nikkei 225 .N225 was down 3.6% at 64,443.84. The broader Topix .TOPX slipped 2% to 3,950.08.
The decline followed overnight losses in U.S. equities, where technology stocks tumbled despite upbeat local economic data and a strong start to corporate earnings season.
"The market appears to be swayed by high earnings expectations for semiconductor-related companies," Sony Financial Group analysts said in a note.
Hawkish remarks from Fed officials on Thursday reinforced expectations for further U.S. rate hikes. Geopolitical tensions also remained elevated, with U.S. President Donald Trump threatening a broader escalation in strikes on Iran.
Advancers in the Nikkei 225 were outnumbered by decliners by 132 to 92, while one stock was unchanged.
Kioxia Holdings 285A.T was the index's biggest percentage loser, tumbling 16.05% for its steepest one-day decline since November 2025. Shares of Taiyo Yuden 6976.T fell 15.45%, while Screen Holdings 7735.T lost 11.45%.
Shift 3697.T was the index's top percentage gainer, rising 6.59%, followed by Seven & I Holdings 3382.T, up 4.38%, and Nichirei 2871.T, which gained 4.29%.
(Reporting by Rocky Swift in Tokyo; Editing by Sherry Jacob-Phillips)