Japanese Stocks Extend Losses on AI Investment Concerns Ahead of Earnings

MT Newswires Live16:29

Japanese stocks extended losses on Tuesday as technology shares slid on concerns over returns from artificial intelligence investments ahead of quarterly earnings from major companies, including SpaceX and Netflix, due the same day.

The benchmark Nikkei 225 closed down 841.28 points, or 1.30%, at 64,075.42.

Oil prices rose amid reports of fresh escalation in the Strait of Hormuz, risking energy supply from the Middle East even as investors weighed in on security risks and hoped for relief after US President Donald Trump signed an executive order waiving sanctions on Russian oil imports.

On the corporate side, Mitsubishi Electric (TYO:6503) has signed a joint venture agreement with a subsidiary of Switzerland-based ABB that will establish a company dedicated to the low-voltage power distribution business, according to a Tokyo bourse filing on Tuesday.

Also, Nidec (TYO: 6594) subsidiary Nidec Machine Tool Corp. will launch commercial sales of its MVR-5X series double-column 5-axis machining centers on Oct. 26, according to a regulatory filing with the Tokyo Stock Exchange.

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