Japan stocks mostly soar on US midterms but AI-related ones extend tumble

Japanese equities moved in different directions on Thursday after US midterm results and weaker crude prices lifted the broader market. Business Recorder reported that the Topix gained 1.3% by 0131 GMT, after rising as much as 2.4%, while the Nikkei fell 0.5%.

Technology and chip-related shares continued to retreat amid concerns that Democratic gains could delay US data-centre projects and constrain the current pace of earnings growth. Advantest dropped 10.3% and Tokyo Electron lost 8.6%, while investors shifted toward other industries; real estate rose 6.5%, retail gained 5.4% and pharmaceuticals advanced 5.3%. Fast Retailing climbed 7.9%, and Toyota rose 5.3% ahead of its earnings release. Sony and Nintendo also advanced before reporting results after the close.