Japan's Nikkei falls 3.6% to below 70,000 after rally
Business
Japan's Nikkei index fell 3.6% on Tuesday, sliding below 70,000 after a week of strong gains.
The Topix was also down by 2.6%.
This sudden dip follows days of rallying, with the market recently topping 72,000.
Analysts: profit-taking hits AI, semiconductors
Analysts say investors cashed out after the market got overheated: technical signals showed it was time for a correction.
AI and semiconductor stocks took the biggest hits: Kioxia plunged 15.1%, SoftBank Group dropped over 10%, and others like Furukawa Electric and Mitsui Kinzoku saw double-digit losses.
Meanwhile, defensive stocks like Meiji Holdings and Nichirei actually went up a bit, showing some resilience amid the chaos.