Nikkei Tumbles As AI Rally Reverses

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Tokyo stocks fell sharply on June 26 as investors locked in profits from Japan’s record-setting AI-driven rally, with SoftBank Group and chip-related shares leading a broad retreat after reports that OpenAI may delay its initial public offering. (News On Japa…

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TOKYO - Tokyo stocks fell sharply on June 26 as investors locked in profits from Japan’s record-setting AI-driven rally, with SoftBank Group and chip-related shares leading a broad retreat after reports that OpenAI may delay its initial public offering.

The Nikkei 225 Stock Average closed down 3,005.46 points, or 4.15%, at 69,360.88, erasing much of the previous day’s surge, while the broader TOPIX index fell 1.32% to 3,963.36. The selloff followed a powerful advance in technology and artificial intelligence-related shares that had pushed Japanese equities to repeated records in recent weeks.

SoftBank Group was the main drag on sentiment after reports that OpenAI, one of its most closely watched investments, may postpone its planned listing until next year. The decline weighed heavily on the Nikkei, where AI and semiconductor-related stocks have become increasingly important drivers of index performance.

Kioxia Holdings also came under pressure, falling sharply as investors sold AI-related names across Asia. The memory chipmaker has been one of the standout performers of Japan’s equity rally this year, benefiting from strong demand linked to artificial intelligence servers and data centers. Reuters reported that Kioxia said it is considering a stock split and aims to list American depositary shares on a U.S. exchange early in its next financial year, which runs through March 2028.

The reversal came after global investors grew more cautious about the cost and sustainability of the AI boom. Apple’s decision to raise prices for some products because of higher memory and storage chip costs added to concern that AI-related demand is feeding inflationary pressure across the technology supply chain. U.S. stock futures also weakened, while South Korean and other Asian technology shares were hit by selling.

The yen remained under pressure, trading around 161.6 to the dollar in European hours. Although the currency recovered slightly from a two-year low, it remained weaker than the 160 level widely watched by traders as a possible trigger point for Japanese authorities to step up verbal warnings or consider intervention.

Tokyo inflation data released the same day added another policy complication. Core consumer prices in the capital, excluding fresh food, rose 1.6% in June from a year earlier, accelerating from 1.3% in May. A narrower index that excludes both fresh food and fuel rose 1.9%, moving closer to the Bank of Japan’s 2% inflation target.

The data reinforced expectations that the BOJ will keep discussing further rate increases after raising its policy rate to 1% earlier this month, the highest level in more than three decades. Some analysts have moved forward their forecasts for the next BOJ rate hike, citing the combination of yen weakness, higher energy costs and broader price pass-through by companies.

Oil prices fell toward four-month lows despite continued uncertainty around the Strait of Hormuz, easing some pressure on import-dependent Japan. Lower crude prices could help reduce the burden on households and companies if sustained, but currency weakness continues to raise the cost of imported fuel, food and raw materials.

For the week ahead, investors will be watching whether the pullback in AI-related shares develops into a broader correction or proves to be another short-term bout of profit-taking. The yen’s movement around the 160 to 162 range will also remain central for Japanese markets, especially as traders weigh the risk of currency intervention and the timing of the BOJ’s next policy move.

Key domestic data and policy signals are likely to take on added importance after the latest Tokyo CPI figures. A further rise in inflation expectations or another slide in the yen could increase pressure on the BOJ to tighten policy again, even as the government remains focused on supporting growth and limiting the impact of higher prices on households.

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