Japan's Nikkei falls as Kioxia tanks, mitigated by gains in Tokyo Electron

Japan’s Nikkei was down 0.31% at 63,095.11 at Monday’s midday break, while the Topix declined 0.84% to 3,931.61, Business Recorder reported. Kioxia dropped 13.29%, weighing most heavily on the Nikkei after its forecast for the quarter ending in December fell short of investor expectations. Weakness in US equities the previous Friday was also cited among the pressures on Japanese shares.

Gains in some large companies helped cushion the benchmark’s decline. Tokyo Electron climbed 5.11% after projecting a 50% increase in annual group net profit, while Panasonic Holdings added 5.16% after lifting its full-year operating profit outlook by 20% to 710 billion yen, citing factors including stronger-than-expected AI demand. Across the Tokyo Stock Exchange’s prime market, 68% of more than 1,500 traded stocks fell, 28% advanced and 3% were unchanged.